v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of (Loss) Income Before Income Taxes and Related Expense (Benefit)
The (loss) income before income taxes and the related expense are as follows (in thousands):
Years Ended March 31,
202620252024
(Loss) income before income taxes:
Bermuda(1)
$62,366 $(80,590)$5,189,812 
United States(354,509)(174,763)(232,592)
Switzerland21,711 (426,478)(389,948)
Other5,854 241 584 
Total (loss) income from continuing operations before income taxes$(264,578)$(681,590)$4,567,856 
(1)Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.
Schedule of Income Tax Expense
Years Ended March 31,
202620252024
Current taxes:
Bermuda$— $— $— 
United States(1)
53,467 48,174 21,813 
Switzerland79,889 — — 
Other(27)— (310)
Total current tax expense$133,329 $48,174 $21,503 
Deferred taxes:
Bermuda$— $— $— 
United States— — — 
Switzerland— — — 
Other— — — 
Total deferred tax benefit$— $— $— 
Total income tax expense$133,329 $48,174 $21,503 
(1)Inclusive of the state and local income taxes.
Schedule of Cash Payments by Jurisdiction, Net of Refunds
Cash payments by jurisdiction, net of refunds, were as follows (in thousands):
Years Ended March 31,
202620252024
United States Federal48,638 59,389 10,409 
Other(269)2,521 1,945 
Total$48,369 $61,910 $12,354 
Schedule of Reconciliation of Income Tax Expense
A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated financial statements for the year ended March 31, 2026, pursuant to the new disclosure requirements of ASU 2023-09, is as follows (in thousands, except percentages):
Year Ended
March 31, 2026
Income tax benefit at Bermuda statutory tax rate (1)
$— — %
Foreign Tax Effects
United Kingdom
Statutory tax rate difference between Bermuda and U.K.$16,177 (6.1)%
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments(27,488)10.4%
Taxable intercompany income/(deductible intercompany expense)(123,074)46.5%
Nontaxable income(16,606)6.3%
Nondeductible changes in the fair value of the Earn-Out Shares11,926 (4.5%)
Valuation allowance 142,562 (53.9)%
Other(3,524)1.3%
Switzerland
Statutory tax rate difference between Bermuda and Switzerland2,086 (0.8)%
Cantonal and communal taxes (2)
39,289 (14.8)%
Deductible federal taxes(13,590)5.1 %
Intercompany reorganization138,465 (52.3)%
Valuation allowance (112,256)42.4 %
Reversal of certain deferred tax assets(3)
25,351 (9.6)%
Other544 (0.2)%
United States
Statutory tax rate difference between Bermuda and the U.S.(74,930)28.3 %
Nondeductible executive compensation60,323 (22.8)%
Tax deficiencies (excess tax benefits) from stock-based compensation(34,482)13.0 %
Taxable intercompany income/ (deductible intercompany expense)160,909 (60.8)%
Foreign-derived intangible income(26,310)9.9 %
Income/(loss) from disregarded entities(64,511)24.4 %
Research tax credits(20,336)7.7 %
Valuation allowance 44,916 (17.0)%
Other7,888 (2.9)%
Total income tax expense $133,329 (50.4)%
(1)The Company’s country of domicile is Bermuda, as we are legally incorporated there, and therefore have applied its 0% statutory rate.
(2)The taxes in Swiss canton of Basel-Stadt made up the majority of the state tax effect in this category (greater than 50%)
(3)Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e. sold, deconsolidated, or liquidated) and Switzerland expiring net operating losses.
A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated financial statements, for the years ending March 31, 2025 and 2024, are as follows (in thousands, except percentages):
Year Ended
March 31, 2025		Year Ended
March 31, 2024
Income tax expense at Bermuda statutory tax rate
$— — %$— — %
Foreign rate differential(1)
(112,413)16.5 %1,196,877 26.2 %
Permanent disallowed IPR&D— — %— — %
Tax effect of changes in the fair value of investments and loss from equity method investments(12,813)1.9 %15,431 0.3 %
Substantial shareholding exemption(27,597)4.0 %(1,337,102)(29.3)%
Nondeductible executive compensation54,558 (8.0)%19,727 0.4 %
Tax deficiencies (excess tax benefits) from stock-based compensation(16,676)2.4 %(21,668)(0.5)%
Other permanent adjustments37,096 (5.4)%40,085 0.9 %
Research tax credits(31,840)4.7 %(22,863)(0.5)%
Valuation allowance134,855 (19.8)%43,754 1.0 %
Reversal of certain deferred tax assets(2)
25,062 (3.7)%87,262 2.0 %
Other(2,058)0.3 %— — %
Total income tax expense$48,174 (7.1)%$21,503 0.5 %
(1)Primarily related to operations in the U.S., Switzerland, the U.K., and other jurisdictions with statutory tax rates different than the Bermuda rate.
(2)Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated) and Switzerland expiring net operating losses.
Schedule of Components of Deferred Tax Assets (Liabilities) Significant components of the deferred tax assets (liabilities) at March 31, 2026 and 2025 are as follows (in thousands):
March 31, 2026March 31, 2025
Deferred tax assets
Research tax credits $76,810 $54,101 
Intangible assets8,732 16,939 
Capitalized research and development189,355 41,387 
Net operating loss550,011 469,339 
Share-based compensation35,167 103,515 
Lease liabilities22,622 21,687 
Other assets33,870 18,001 
Subtotal916,567 724,969 
Valuation allowance(897,209)(701,219)
Deferred tax liabilities
Depreciation(2,593)(561)
Right-of-use assets(15,848)(19,270)
Other liabilities(917)(3,919)
Total deferred tax assets/(liabilities)$— $—