v3.25.4

Income Taxes | 9 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 — Income Taxes For the three and nine months ended December 31, 2025, the Company recorded income tax provisions of $58.7 million and $76.1 million, respectively, resulting in an effective tax rate of 63% and a meaningless effective tax rate, respectively. The effective tax rates for such periods differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences and foreign tax audit adjustments. For the three and nine months ended December 31, 2024, the Company recorded income tax benefits of $11.8 million and $4.7 million, respectively, resulting in effective tax rates of 7% and 2%, respectively. The effective tax rates for such periods differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences, and decreases in the Company's unrecognized tax benefits. The Company's total valuation allowa nce increased from $430.5 million at March 31, 2025 to $481.9 million at December 31, 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 and nine months ended December 31, 2025, the Company’s gross unrecognized tax benefits decreased by $8.4 million and $1.1 million, respectively, and interest and penalties decreased by $6.4 million and $7.8 million, respectively. Of the total $187.1 million gross unrecognized tax benefits at December 31, 2025, $13.7 million would reduce the Company's annual effective tax rate if recognized based on the Company's valuation allowance position at December 31, 2025. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. 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. For the three and nine months ended December 31, 2025, the tax law changes resulted in approximately $1.5 million and $8.0 million, respectively, of incremental non-cash tax expense to increase the Company’s U.S. valuation allowance due to material changes in the Company’s mix of gross deferred tax assets and liabilities. Additionally, the tax law changes increased prepaid income taxes associated with the Company's majority-owned subsidiary as of December 31, 2025 primarily due to the accelerated amortization of research and development expenses that were previously capitalized for tax purposes with corresponding savings to cash taxes. The Company will continue to evaluate the impacts of the tax law changes as further guidance becomes available.

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