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Income Taxes | 6 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10 — Income Taxes For the three and six months ended September 30, 2024, the Company recorded an income tax provision of $5.9 million and $7.1 million, respectively, resulting in an effective tax rate of negative 5% for both periods. The effective tax rates for the periods differed from the U.S. statutory rate primarily due to a U.S. valuation allowance and foreign tax rate differences. For the three and six months ended September 30, 2023, the Company recorded an income tax benefit of $93.1 million and $93.6 million, respectively, resulting in effective tax rates of 11% and 10%, respectively. The effective tax rates for the periods differed from the U.S. statutory rate primarily due to a valuation allowance recorded against the Company's U.S. net deferred tax assets during the second quarter of fiscal year 2024. During the second quarter of fiscal year 2024, in evaluating the Company’s ability to realize its U.S. net deferred tax assets, the Company considered all available positive and negative evidence, including but not limited to operating results, forecasted ranges of future taxable income, and its recent satellite anomalies. ASC 740 places more weight on the objectively verifiable evidence of current pre-tax losses and recent events than forecasts of future profitability. Therefore, the Company determined it is more likely than not that its U.S. net deferred tax assets will not be realized. As a result, the Company’s tax benefit for the three and six months ended September 30, 2023 was reduced by a valuation allowance recorded against its U.S. losses for the periods. The Company's total valuation allowance increased from $353.6 million at March 31, 2024 to $369.4 million at September 30, 2024 relating to carryforwards for federal, state, and foreign net operating losses, federal and state R&D tax credits, and foreign tax credits. For the three and six months ended September 30, 2024, the Company’s gross unrecognized tax benefits increased by $7.8 million and $8.6 million, respectively, and interest and penalties increased by $1.6 million and an insignificant amount, respectively. Of the total $194.2 million gross unrecognized tax benefits at September 30, 2024, $15.8 million would reduce the Company's annual effective tax rate if recognized based on the Company's valuation allowance position at September 30, 2024.

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