GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 – GOODWILL AND INTANGIBLE ASSETS

Goodwill

During the first quarter of fiscal year 2025, due to a decrease in the Company's stock price and overall market capitalization, along with other qualitative considerations including the continued impact from the conditions in the macroeconomic environment, it was determined a Triggering Event occurred, indicating goodwill may be impaired. Accordingly, the Company conducted an interim quantitative impairment test of its goodwill at June 30, 2024 using the market approach to estimate the fair value of its reporting unit. As a result of that interim impairment test, the Company recorded a $427.0 million goodwill impairment charge during the three months ended June 30, 2024. At September 30, 2024, the

Company performed a Triggering Event assessment and concluded no event or circumstances occurred that indicated goodwill was further impaired.

During fiscal year 2025, the Company completed its annual goodwill impairment test at January 31, 2025, using the qualitative assessment, and the Company concluded that it was more likely than not that the fair value of the reporting unit exceeded its carrying value.

The Company may be required to record additional goodwill impairment charges. While management cannot predict if or when additional goodwill impairments may occur, future goodwill impairments could have material adverse effects on the Company's results of operations and financial condition.

At September 30, 2025 and March 31, 2025, the carrying amounts of goodwill were approximately $1.1 billion, respectively.

The following table summarizes the changes in the carrying amount of goodwill for the six months ended September 30, 2025 as follows (in thousands):


Balance at March 31, 2025	$	1,076,383


Foreign currency translation impact	(6,866)
Balance at September 30, 2025	$	1,069,517

Intangible Assets

The net carrying amounts of intangible assets were $238.4 million and $258.7 million at September 30, 2025 and March 31, 2025, respectively. Intangible assets acquired in a business combination are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. The Company amortizes acquired intangible assets over their estimated useful lives.

The Company reviews definite-lived intangible assets for impairment when an event occurs that may indicate potential impairment. In connection with the interim goodwill impairment analysis performed during fiscal year 2025, the Company conducted an impairment test of its definite-lived intangible assets. Based on that assessment, the Company concluded that the carrying values of the Company's definite-lived intangible assets were recoverable. At March 31, 2025, the Company performed a Triggering Event assessment and concluded no events or circumstances occurred that indicated intangible assets may be impaired. However, if future events occur or if business conditions deteriorate, the Company may be required to record an impairment loss, and or accelerate the amortization of definite-live intangible assets in the future, which could be material to its results of operations and financial condition.

Intangible assets include the following amortizable intangible assets at September 30, 2025 (in thousands):


	Cost		Accumulated Amortization		Net
Developed technology	$	250,453	$	(245,614)	$	4,839
Customer relationships	771,304		(544,683)		226,621
Distributor relationships and technology licenses	5,233		(4,319)		914
Definite-lived trademark and trade name	58,022		(52,163)		5,859
Core technology	7,192		(7,192)		—




Capitalized software	3,317		(3,317)		—

Other	1,208		(1,052)		156
	$	1,096,729	$	(858,340)	$	238,389

Intangible assets include the following amortizable intangible assets at March 31, 2025 (in thousands):


	Cost		Accumulated Amortization		Net
Developed technology	$	248,232	$	(242,298)	$	5,934
Customer relationships	763,397		(518,995)		244,402
Distributor relationships and technology licenses	5,097		(4,022)		1,075
Definite-lived trademark and trade name	57,675		(50,562)		7,113
Core technology	7,192		(7,192)		—




Capitalized software	3,317		(3,317)		—
Other	1,208		(1,042)		166
	$	1,086,118	$	(827,428)	$	258,690

Amortization included as cost of product revenue consists of amortization of developed technology, distributor relationships and technology licenses. Amortization included as operating expense consists of all other intangible assets. The following table provides a summary of amortization expense for the three and six months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Amortization of intangible assets included as:

Cost of product revenue	$	632	$	1,073	$	1,262	$	2,339
Operating expense	11,165		11,647		22,289		23,266
	$	11,797	$	12,720	$	23,551	$	25,605

The following is the expected future amortization expense at September 30, 2025 for the fiscal years ending March 31 (in thousands):


2026 (remaining Six months)	$	23,601
2027	44,305
2028	41,335
2029	31,905
2030	29,004
Thereafter	68,239
	$	238,389