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Income Taxes | 3 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 — Income Taxes For the three months ended June 30, 2025 and 2024, the Company recorded income tax provisions of $6.6 million and $1.2 million, respectively, resulting in effective tax rates of negative 15% and negative 5%, respectively. The effective tax rates for both of the periods differed from the U.S. statutory rate primarily due to a U.S. valuation allowance and foreign tax rate differences. The Company's total valuation allowance increased from $430.5 million at March 31, 2025 to $440.2 million at June 30, 2025, relating to carryforwards for federal, state, and foreign net operating losses, federal and state research and development tax credits, and foreign tax credits. For the three months ended June 30, 2025, the Company’s gross unrecognized tax benefits increased by $4.1 million, and interest and penalties increased by an insignificant amount. Of the total $192.3 million gross unrecognized tax benefits at June 30, 2025, $14.2 million would reduce the Company's annual effective tax rate if recognized based on the Company's valuation allowance position at June 30, 2025. Subsequent to the first quarter of fiscal year 2026, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. As required by ASC 740, no impacts of the tax law changes pursuant to the OBBBA are included in the three months ended June 30, 2025. The OBBBA includes a broad range of material business tax reforms, such as 100% bonus depreciation, expensing of U.S.-based research and development, modification of the interest expense limitation, and modification of various U.S. international tax provisions. The Company is currently evaluating the impacts of the tax law changes pursuant to the OBBBA on its consolidated financial statements and disclosures.

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