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v3.24.4

INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of pre-tax income (loss) | Pre-tax income (loss) reflected in the consolidated statements of operations for the years ended March 31, 2024, 2023 and 2022 is as follows (in thousands):
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
|  |  | As Restated |  | As Restated
U.S. | $ | (40,555) |  |  | $ | (18,429) |  |  | $ | 39,146 |
Foreign | (20) |  |  | 2,001 |  |  | 550 |
Total | $ | (40,575) |  |  | $ | (16,428) |  |  | $ | 39,696 |
Schedule of income tax provision | Income tax provision consists of the following (in thousands):
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
|  |  | As Restated |  | As Restated
Current tax expense |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 14 |  |  | 70 |  |  | 477 |
Foreign | 919 |  |  | 2,045 |  |  | 1,381 |
Total current tax expense | 933 |  |  | 2,115 |  |  | 1,858 |
Deferred tax expense |  |  |  |  |
Federal | 18 |  |  | 23 |  |  | 9 |
State | 21 |  |  | 108 |  |  | 22 |
Foreign | (261) |  |  | (306) |  |  | (548) |
Total deferred tax expense (benefit) | (222) |  |  | (175) |  |  | (517) |
Income tax provision | $ | 711 |  |  | $ | 1,940 |  |  | $ | 1,341 |
Schedule of federal income tax rate reconciliation | The income tax provision differs from the amount computed by applying the federal statutory rate of 21% to loss before income taxes as follows (in thousands):
| For the year ended March 31,
| 2024 |  | 2023 |  | 2022
|  |  | As Restated |  | As Restated
Expense (benefit) at the federal statutory rate | $ | (8,507) |  |  | $ | (3,450) |  |  | $ | 8,341 |
Equity compensation | 1,102 |  |  | 1,945 |  |  | 195 |
Permanent items | 768 |  |  | 1,498 |  |  | 1,941 |
Foreign taxes | 264 |  |  | 586 |  |  | 1,761 |
State income taxes | (860) |  |  | (124) |  |  | (133) |
Valuation allowance | 6,313 |  |  | 2,890 |  |  | (7,396) |
Uncertain tax positions | (8,010) |  |  | (3,791) |  |  | (6,349) |
Credit monetization | — |  |  | — |  |  | (2,100) |
Expiration of attributes | 10,901 |  |  | 5,733 |  |  | 18,345 |
Research and development credits | (1,169) |  |  | (1,582) |  |  | (2,094) |
Warrant fair value adjustments | (1,093) |  |  | (2,152) |  |  | (12,606) |
Other | 1,002 |  |  | 387 |  |  | 1,436 |
Income tax provision | $ | 711 |  |  | $ | 1,940 |  |  | $ | 1,341 |
Schedule of components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands):
| As of March 31,
| 2024 |  | 2023 |  | 2022
|  |  | As Restated |  | As Restated
Deferred tax assets |  |  |  |  |
Loss carryforwards | $ | 54,280 |  |  | $ | 56,675 |  |  | $ | 59,636 |
Deferred revenue | 27,431 |  |  | 25,903 |  |  | 29,206 |
Capitalized research and development | 27,785 |  |  | 23,949 |  |  | 16,289 |
Tax credits | 15,888 |  |  | 15,894 |  |  | 16,085 |
Disallowed interest | 16,572 |  |  | 13,162 |  |  | 12,296 |
Other accruals and reserves not currently deductible for tax purposes | 4,685 |  |  | 4,494 |  |  | 4,450 |
Lease obligations | 2,269 |  |  | 2,384 |  |  | 2,514 |
Inventory | 2,426 |  |  | 2,715 |  |  | 1,701 |
Acquired intangibles | 1,344 |  |  | 961 |  |  | 853 |
Accrued warranty expense | 365 |  |  | 495 |  |  | 447 |
Gross deferred tax assets | 153,045 |  |  | 146,632 |  |  | 143,477 |
Valuation allowance | (147,674) |  |  | (141,218) |  |  | (138,086) |
Total deferred tax assets, net of valuation allowance | $ | 5,371 |  |  | $ | 5,414 |  |  | $ | 5,391 |
Deferred tax liabilities |  |  |  |  |
Depreciation | $ | (2,038) |  |  | $ | (2,009) |  |  | $ | (1,921) |
Lease assets | (1,929) |  |  | (2,128) |  |  | (2,439) |
Other | (1,130) |  |  | (548) |  |  | (1,048) |
Total deferred tax liabilities | $ | (5,097) |  |  | $ | (4,685) |  |  | $ | (5,408) |
Net deferred tax assets (liabilities) | $ | 274 |  |  | $ | 729 |  |  | $ | (17) |
Reconciliation of gross unrecognized tax benefits | A reconciliation of the gross unrecognized tax benefits is as follows (in thousands):
| For the year ended March 31,
| 2024 |  | 2023 |  | 2022
|  |  | As restated |  | As restated
Beginning Balance | $ | 96,343 |  |  | $ | 99,603 |  |  | $ | 101,119 |
Increase in balances related to tax positions in current period | 2,229 |  |  | 2,778 |  |  | 2,785 |
Increase in balances related to tax positions in prior period | — |  |  | — |  |  | 4,881 |
Decrease in balances related to tax positions in prior period | (1,364) |  |  | (817) |  |  | (1,020) |
Decrease in balances due to lapse in statute of limitations | (8,867) |  |  | (5,221) |  |  | (8,162) |
Ending balance | $ | 88,341 |  |  | $ | 96,343 |  |  | $ | 99,603 |

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