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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
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, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
|  | (In thousands) |
United States |  | $ | (859,006 | ) |  | $ | (94,019 | ) |  | $ | (119,249 | )
Foreign |  |  | (334,940 | ) |  |  | (68,136 | ) |  |  | (18,661 | )
|  | $ | (1,193,946 | ) |  | $ | (162,155 | ) |  | $ | (137,910 | )
Summary of (Provision for) Benefit from Income Taxes | The (provision for) benefit from income taxes includes the following:
|  | Fiscal Years Ended |
|  | March 31, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
|  | (In thousands) |
Current tax provision |  |  |  |  |  |  |  |  |
Federal |  | $ | (12,128 | ) |  | $ | (11,494 | ) |  | $ | (7,097 | )
State |  |  | (1,010 | ) |  |  | (5,231 | ) |  |  | (2,041 | )
Foreign |  |  | (27,028 | ) |  |  | (5,965 | ) |  |  | (4,042 | )
|  |  | (40,166 | ) |  |  | (22,690 | ) |  |  | (13,180 | )
Deferred tax benefit |  |  |  |  |  |  |  |  |
Federal |  |  | 74,404 |  |  |  | 40,889 |  |  |  | 39,049 |
State |  |  | 5,166 |  |  |  | (80,715 | ) |  |  | 8,057 |
Foreign |  |  | 100,070 |  |  |  | 13,098 |  |  |  | 2,591 |
|  |  | 179,640 |  |  |  | (26,728 | ) |  |  | 49,697 |
Total (provision for) benefit from income taxes |  | $ | 139,474 |  |  | $ | (49,418 | ) |  | $ | 36,517 |
Components of Net Deferred Tax Assets | Significant components of the Company’s net deferred tax assets are as follows:
|  | As of |
|  | March 31, 2024 |  |  | March 31, 2023 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 198,548 |  |  | $ | 71,838 |
Tax credit carryforwards |  |  | 141,015 |  |  |  | 115,418 |
Capitalized research and development costs |  |  | 143,581 |  |  |  | 75,152 |
Operating lease liabilities |  |  | 94,360 |  |  |  | 78,562 |
Deferred revenue |  |  | 16,326 |  |  |  | 24,123 |
Interest carryforwards |  |  | 88,269 |  |  |  | 2,485 |
Other |  |  | 184,834 |  |  |  | 104,883 |
Valuation allowance |  |  | (353,642 | ) |  |  | (150,047 | )
Total deferred tax assets |  |  | 513,291 |  |  |  | 322,414 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  |  | (683,366 | ) |  |  | (99,629 | )
Property, equipment and satellites |  |  | (725,990 | ) |  |  | (187,896 | )
Operating lease assets |  |  | (80,258 | ) |  |  | (68,150 | )
Other |  |  | (88,357 | ) |  |  | (29,004 | )
Total deferred tax liabilities |  |  | (1,577,971 | ) |  |  | (384,679 | )
Net deferred tax assets (liabilities) |  | $ | (1,064,680 | ) |  | $ | (62,265 | )
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, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
|  | (In thousands) |
Tax (provision) benefit at federal statutory rate |  | $ | 250,728 |  |  | $ | 34,047 |  |  | $ | 28,964 |
State tax provision, net of federal benefit |  |  | 28,621 |  |  |  | 202 |  |  |  | 1,330 |
Tax credits |  |  | 28,574 |  |  |  | 23,925 |  |  |  | 25,994 |
Change in federal valuation allowances |  |  | (105,968 | ) |  | — |  |  | — |
Change in state valuation allowances |  |  | (27,251 | ) |  |  | (73,600 | ) |  |  | (4,347 | )
Non-deductible compensation |  |  | (5,240 | ) |  |  | (3,096 | ) |  |  | (5,771 | )
Non-deductible transaction costs |  |  | (18,911 | ) |  |  | (167 | ) |  |  | (1,361 | )
Non-deductible meals and entertainment |  |  | (1,077 | ) |  |  | (693 | ) |  |  | (311 | )
Stock-based compensation |  |  | (12,182 | ) |  |  | (12,032 | ) |  |  | (7,402 | )
Change in state effective tax rate |  |  | 292 |  |  |  | 458 |  |  |  | 539 |
Base Erosion and Anti-Abuse Tax (BEAT) |  | — |  |  |  | (8,610 | ) |  | — |
Foreign effective tax rate differential, net of valuation allowance |  |  | 6,199 |  |  |  | (5,769 | ) |  |  | (6,201 | )
Unremitted subsidiary gains |  |  | (1,586 | ) |  |  | (887 | ) |  |  | (1,565 | )
Change to indefinite reinvestment assertion (EBI) |  | — |  |  | — |  |  |  | 8,071 |
Other |  |  | (2,725 | ) |  |  | (3,196 | ) |  |  | (1,423 | )
Total (provision for) benefit from income taxes |  | $ | 139,474 |  |  | $ | (49,418 | ) |  | $ | 36,517 |
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, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
|  | (In thousands) |
Balance, beginning of fiscal year |  | $ | 129,738 |  |  | $ | 112,806 |  |  | $ | 92,962 |
Increase related to prior year tax positions |  |  | 2,728 |  |  |  | 2,549 |  |  |  | 6,711 |
Decrease related to prior year tax positions |  |  | (190 | ) |  |  | (632 | ) |  |  | (578 | )
Increase related to current year tax positions |  |  | 15,608 |  |  |  | 16,123 |  |  |  | 12,358 |
Increase related to business combinations |  |  | 54,193 |  |  | — |  |  |  | 2,713 |
Expiration of the statute of limitations for the assessment of taxes |  |  | (16,482 | ) |  |  | (1,108 | ) |  |  | (1,360 | )
Balance, end of fiscal year |  | $ | 185,595 |  |  | $ | 129,738 |  |  | $ | 112,806 |

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