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Income Taxes | 9 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income Taxes | 12. Income Taxes The Company recorded an income tax expense of $37,281,000, or an effective tax rate of (375.3%), and an income tax benefit of $8,971,000, or an effective tax rate of 112.9%, for the three months ended December 31, 2023 and 2022, respectively. The Company recorded an income tax expense of $37,226,000, or an effective tax rate of (278.7%), and an income tax benefit of $9,296,000, or an effective tax rate of 62.1%, for the nine months ended December 31, 2023 and 2022, respectively. The effective tax rate for the three and nine months ended December 31, 2023, was primarily impacted by (i) the establishment of a valuation allowance on deferred tax assets that the Company does not expect to be realized, (ii) foreign income taxed at rates that are different from the federal statutory rate, (iii) the portion of book expense related to convertible notes and derivatives that is not expected to be deductible for tax, and (iv) non-deductible executive compensation under Internal Revenue Code Section 162(m). Management assesses the need for the valuation allowance on a quarterly basis by jurisdiction. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, past financial performance, and tax planning strategies. During the three months ended December 31, 2023, the Company recorded a discrete non-cash valuation allowance of $37,461,000 on U.S. federal and various state deferred tax assets that is considered not more likely than not to be realized under U.S. GAAP. This change in realizability assessment is primarily due to recent losses and an updated forecast during the three months ended December 31, 2023. The Company and its subsidiaries file income tax returns for the U.S. federal, various state, and foreign jurisdictions with varying statutes of limitations. At December 31, 2023, the Company is only under examination by the State of California for fiscal years 2020, 2021, and 2022 and remains subject to examination from the years ended March 31, 2019 and forward. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.

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