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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Components of (loss) Income Before Income Taxes | The components of income (loss) before income taxes by jurisdiction are as follows:
|  | Fiscal Years Ended |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2021 |
|  | (In thousands) |
United States |  | $ | (94,019 | ) |  | $ | (119,249 | ) |  | $ | (55,743 | )
Foreign |  |  | (68,136 | ) |  |  | (18,661 | ) |  |  | (22,457 | )
|  | $ | (162,155 | ) |  | $ | (137,910 | ) |  | $ | (78,200 | )
Summary of Benefit from (Provision for) Income Taxes | The benefit from (provision for) income taxes includes the following:
|  | Fiscal Years Ended |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2021 |
|  | (In thousands) |
Current tax provision |  |  |  |  |  |  |  |  |
Federal |  | $ | (11,494 | ) |  | $ | (7,097 | ) |  | $ | (8,573 | )
State |  |  | (5,231 | ) |  |  | (2,041 | ) |  |  | (3,386 | )
Foreign |  |  | (5,965 | ) |  |  | (4,042 | ) |  |  | 449 |
|  |  | (22,690 | ) |  |  | (13,180 | ) |  |  | (11,510 | )
Deferred tax benefit |  |  |  |  |  |  |  |  |
Federal |  |  | 40,889 |  |  |  | 39,049 |  |  |  | 22,837 |
State |  |  | (80,715 | ) |  |  | 8,057 |  |  |  | (704 | )
Foreign |  |  | 13,098 |  |  |  | 2,591 |  |  |  | 571 |
|  |  | (26,728 | ) |  |  | 49,697 |  |  |  | 22,704 |
Total benefit from (provision for) income taxes |  | $ | (49,418 | ) |  | $ | 36,517 |  |  | $ | 11,194 |
Components of Net Deferred Tax Assets | Significant components of the Company’s net deferred tax assets are as follows:
|  | As of |
|  | March 31, 2023 |  |  | March 31, 2022 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 71,838 |  |  | $ | 251,276 |
Tax credit carryforwards |  |  | 115,418 |  |  |  | 299,165 |
Capitalized research and development costs |  |  | 75,152 |  |  | — |
Operating lease liabilities |  |  | 78,562 |  |  |  | 93,580 |
Deferred revenue |  |  | 24,123 |  |  |  | 21,546 |
Other |  |  | 107,368 |  |  |  | 99,074 |
Valuation allowance |  |  | (150,047 | ) |  |  | (78,071 | )
Total deferred tax assets |  |  | 322,414 |  |  |  | 686,570 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  |  | (99,629 | ) |  |  | (119,299 | )
Property, equipment and satellites |  |  | (187,896 | ) |  |  | (163,560 | )
Operating lease assets |  |  | (68,150 | ) |  |  | (87,677 | )
Other |  |  | (29,004 | ) |  |  | (28,261 | )
Total deferred tax liabilities |  |  | (384,679 | ) |  |  | (398,797 | )
Net deferred tax assets (liabilities) |  | $ | (62,265 | ) |  | $ | 287,773 |
Reconciliation of Benefit from (Provision for) Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to (Loss) Income before Income Taxes | A reconciliation of the benefit from (provision for) income taxes to the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes is as follows:
|  | Fiscal Years Ended |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2021 |
|  | (In thousands) |
Tax benefit (provision) at federal statutory rate |  | $ | 34,047 |  |  | $ | 28,964 |  |  | $ | 16,422 |
State tax provision, net of federal benefit |  |  | 202 |  |  |  | 1,330 |  |  |  | (424 | )
Tax credits, net of valuation allowance |  |  | 22,763 |  |  |  | 21,647 |  |  |  | 17,885 |
Valuation allowance on California R&D tax credits |  |  | (72,438 | ) |  | — |  |  | — |
Non-deductible compensation |  |  | (3,096 | ) |  |  | (5,771 | ) |  |  | (5,728 | )
Non-deductible transaction costs |  |  | (167 | ) |  |  | (1,361 | ) |  | — |
Non-deductible meals and entertainment |  |  | (693 | ) |  |  | (311 | ) |  |  | (354 | )
Stock-based compensation |  |  | (12,032 | ) |  |  | (7,402 | ) |  |  | (9,466 | )
Change in state effective tax rate |  |  | 458 |  |  |  | 539 |  |  |  | (2,360 | )
Base Erosion and Anti-Abuse Tax (BEAT) |  |  | (8,610 | ) |  | — |  |  | — |
Foreign effective tax rate differential, net of valuation allowance |  |  | (5,769 | ) |  |  | (6,201 | ) |  |  | (3,046 | )
Unremitted subsidiary gains |  |  | (887 | ) |  |  | (1,565 | ) |  |  | (1,682 | )
Change to indefinite reinvestment assertion (EBI) |  | — |  |  |  | 8,071 |  |  | — |
Other |  |  | (3,196 | ) |  |  | (1,423 | ) |  |  | (53 | )
Total benefit from (provision for) income taxes |  | $ | (49,418 | ) |  | $ | 36,517 |  |  | $ | 11,194 |
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
|  | As of |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2021 |
|  | (In thousands) |
Balance, beginning of fiscal year |  | $ | 112,806 |  |  | $ | 92,962 |  |  | $ | 80,591 |
Increase (decrease) related to prior year tax positions |  |  | 809 |  |  |  | 7,486 |  |  |  | (828 | )
Increases related to current year tax positions |  |  | 16,123 |  |  |  | 12,358 |  |  |  | 13,199 |
Balance, end of fiscal year |  | $ | 129,738 |  |  | $ | 112,806 |  |  | $ | 92,962 |

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