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6. INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

INCOME TAXES

Income (loss) before income taxes and provision for income taxes

		Year Ended March 31,
		2021			2020			2019
		(In thousands)
Income (loss) before income taxes:
U.S.		$	(10,775)		$	(8,574)		$	(5,487)
Foreign			(10,395)			(1,516)			5,755
		$	(21,170)		$	(10,090)		$	268
Current income tax expense (benefit):
U.S. federal		$	(379)		$	(39)		$	(28)
Foreign			714			274			121
State			(1)			1			1
			334			236			94
Deferred income tax expense (benefit):
U.S. federal			1			12			13
State			—			(1)			(2)
			1			11			11
Provision for income taxes		$	335		$	247		$	105

Income tax reconciliation

		Year Ended March 31,
		2021			2020			2019
		(In thousands)
U.S. Federal taxes at statutory rate		$	(4,446)		$	(2,120)		$	56
State taxes, net of federal benefit			(1)			—			(2)
Settlement of uncertain tax positions			524			—			—
Stock-based compensation			482			(58)			(124)
Tax credits			(509)			(494)			(536)
Foreign tax rate differential			2,419			593			117
Tax exempt interest			(5)			(16)			(4)
Non-deductible expenses and other			(2)			38			17
			(1,538)			(2,057)			(476)
Valuation allowance			1,873			2,304			581
		$	335		$	247		$	105

Deferred tax assets and deferred tax liabilities

		March 31,
		2021			2020
		(In thousands)
Deferred tax assets:
Tax credits		$	6,975		$	5,512
Net operating losses			2,980			1,245
Stock-based compensation			1,180			950
Property and equipment			807			731
Other reserves and accruals			1,267			976
Total deferred tax assets			13,209			9,414
Less valuation allowance			(13,017)			(9,389)
Deferred tax assets, net			192			25
Deferred tax liabilities:
Leased assets			(186)			—
Unrecognized gains			(15)			(32)
Total deferred tax liabilities			(201)			(32)
Net deferred tax liability		$	(9)		$	(7)

Unrecognized tax benefits

		Year Ended March 31,
		2021			2020			2019
		(In thousands)
Unrecognized tax benefits, beginning of period		$	3,321		$	3,102		$	2,735
Additions based on tax positions related to current year			233			394			371
Additions based on tax positions related to prior years			—			—			13
Settlements during the period			(203)			—			—
Reductions based on tax positions related to prior years			(78)			(158)			(17)
Lapses during the current year applicable to statutes of limitations			—			(17)			—
Unrecognized tax benefits, end of period		$	3,273		$	3,321		$	3,102

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