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Income Taxes | 9 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes | 13. Income Taxes The Company recorded income tax expense of $1,115,000, or an effective tax rate of 32.7%, and $37,281,000, or an effective tax rate of (375.3)%, for the three months ended December 31, 2024 and 2023, respectively. The Company recorded an income tax expense of $1,849,000, or an effective tax rate of (10.9)%, and $37,226,000, or an effective tax rate of (278.7)%, for the nine months ended December 31, 2024 and 2023, respectively. The effective tax rate for the three and nine months ended December 31, 2024, was primarily impacted by (i) foreign income taxed at rates that are different from the federal statutory rate, (ii) the change in valuation allowance, and (iii) specific jurisdictions that the Company does not expect to recognize the benefit of losses. The Company’s effective tax rate for the three and nine months ended December 31, 2023 was primarily impacted by the establishment of a valuation allowance on deferred tax assets that were not expected to be realized. Management continues to monitor its valuation allowance position in its various jurisdictions. 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. Based on this analysis, the Company determined that it is more likely than not that certain deferred tax assets will not be realized. As a result, the Company maintained its valuation allowance. The Company will continue to monitor the need for a valuation allowance in future periods, considering any changes in circumstances that may affect the realizability of deferred tax assets. The Company and its subsidiaries file income tax returns for the U.S. federal, various state, and foreign jurisdictions with varying statutes of limitations. The Company was previously under examination by the State of California for fiscal years ended March 31, 2020, 2021 and 2022. During the nine months ended December 31, 2024, this audit was concluded with no changes required to the Company’s filed income tax returns. At December 31, 2024, the Company remains subject to examination from the fiscal years ended March 31, 2020 and forward. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.

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