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Income Taxes | 12 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 6 — Income Taxes The income tax provision consisted of the following for the fiscal years ended March 31, 2025, 2024 and 2023:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current — Federal |  | $ | 23,985,000 |  |  | $ | 17,463,000 |  |  | $ | 14,745,000 |
Current — State |  |  | 6,833,000 |  |  |  | 4,707,000 |  |  |  | 5,357,000 |
Subtotal |  |  | 30,818,000 |  |  |  | 22,170,000 |  |  |  | 20,102,000 |
Deferred — Federal |  |  | (4,594,000 | ) |  |  | (2,828,000 | ) |  |  | (1,321,000 | )
Deferred — State |  |  | (565,000 | ) |  |  | (493,000 | ) |  |  | (592,000 | )
Subtotal |  |  | (5,159,000 | ) |  |  | (3,321,000 | ) |  |  | (1,913,000 | )
|  | $ | 25,659,000 |  |  | $ | 18,849,000 |  |  | $ | 18,189,000 |
The following is a reconciliation of the income tax provision from the statutory federal income tax rate to the effective rate for the fiscal years ended March 31, 2025, 2024 and 2023:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Income taxes at federal statutory rate |  | $ | 25,373,000 |  |  | $ | 19,971,000 |  |  | $ | 17,757,000 |
State income taxes, net of federal benefit |  |  | 4,937,000 |  |  |  | 3,369,000 |  |  |  | 3,890,000 |
Uncertain tax positions |  |  | 9,000 |  |  |  | (22,000 | ) |  |  | (77,000 | )
Stock-based compensation and §162(m) limitation |  |  | (3,687,000 | ) |  |  | (3,961,000 | ) |  |  | (3,098,000 | )
Permanent items and tax credits |  |  | (568,000 | ) |  |  | (480,000 | ) |  |  | (384,000 | )
Adjustments to returns as filed |  |  | (420,000 | ) |  |  | 67,000 |  |  |  | 163,000 |
Valuation allowance |  |  | 15,000 |  |  |  | (95,000 | ) |  |  | (62,000 | )
|  | $ | 25,659,000 |  |  | $ | 18,849,000 |  |  | $ | 18,189,000 |
Deferred tax assets and liabilities at March 31, 2025 and 2024 are, as follows:
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Accrued liabilities not currently deductible |  | $ | 8,363,000 |  |  | $ | 7,181,000 |
Allowance for expected credit losses |  |  | 1,947,000 |  |  |  | 1,076,000 |
Stock-based compensation |  |  | 2,808,000 |  |  |  | 2,489,000 |
Deferred lease liability |  |  | 7,094,000 |  |  |  | 7,917,000 |
Capitalized research and development expenditures |  |  | 5,826,000 |  |  |  | 4,124,000 |
Other |  |  | 541,000 |  |  |  | 497,000 |
Deferred tax assets |  |  | 26,579,000 |  |  |  | 23,284,000 |
Deferred tax liabilities: |  |  |  |  |  |
Excess of book over tax basis of fixed assets |  |  | (4,645,000 | ) |  |  | (5,758,000 | )
Intangible assets |  |  | (4,905,000 | ) |  |  | (4,922,000 | )
Right-of-use asset |  |  | (5,267,000 | ) |  |  | (6,075,000 | )
Accrued revenue |  |  | (2,350,000 | ) |  |  | (2,284,000 | )
Other |  |  | (456,000 | ) |  |  | (464,000 | )
Total deferred tax liabilities |  |  | (17,623,000 | ) |  |  | (19,503,000 | )
Valuation allowance |  |  | (252,000 | ) |  |  | (236,000 | )
Deferred tax liabilities |  |  | (17,875,000 | ) |  |  | (19,739,000 | )
Net deferred tax assets (liabilities) |  | $ | 8,704,000 |  |  | $ | 3,545,000 |
Prepaid income taxes are $0 at March 31, 2025, and $2,169,000 at March 31, 2024. A reconciliation of the financial statement recognition and measurement of uncertain tax positions during the current fiscal year is as follows:
Balance as of March 31, 2024 |  | $ | 145,000 |
Additions based on tax positions related to the current year |  |  | — |
Additions for tax positions of prior years |  |  | 65,000 |
Reductions for tax positions related to the current year |  |  | — |
Reductions for tax positions of prior years |  |  | (47,000 | )
Balance as of March 31, 2025 |  | $ | 163,000 |
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. During the fiscal years ended March 31, 2025, 2024 and 2023, the Company recognized approximately $(9,000), $(14,000) and $(13,000) in interest and penalties, respectively. As of March 31, 2025, 2024 and 2023, accrued interest and penalties related to uncertain tax positions were $31,000, $40,000 and $54,000, respectively. The tax fiscal years from 2019-2024 remain open to examination by the major taxing jurisdictions to which the Company is subject.

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