v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of our income (loss) prior to income taxes were as follows:
Year Ended March 31,
202620252024
U.S.$(49,887)$(109,128)$(170,057)
Foreign18,547 21,264 (235,074)
Loss before income taxes$(31,340)$(87,864)$(405,131)
Schedule of Provision (Benefit) for Income Taxes
The components of the Company’s income tax provision (benefit) attributable to operations are as follows:
Year Ended March 31,
202620252024
Current:
U.S. federal$— $— $— 
State and local— — — 
Foreign6,739 8,241 8,262 
6,739 8,241 8,262 
Deferred:
U.S. federal(8)(9)5,925 
State and local(3)— 5,491 
Foreign
(336)(3,997)(4,361)
(347)(4,006)7,055 
Income tax expense$6,392 $4,235 $15,317 
Schedule of Reconciliation of Income Tax Expense Between Statutory U S Income Tax Rate With Actual Income Tax Provision A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended March 31, 2026 was as follows:
Year Ended March 31, 2026
AmountPercent
U.S. federal statutory tax rate$(6,581)21.0 %
State and local income taxes, net of federal income tax effect(3)— %
Foreign tax effects
Israel
Statutory tax rate difference between Israel and U.S.(3,630)11.6 %
Other96 (0.3)%
Germany
Statutory tax rate difference between Germany and U.S.(1,650)5.3 %
Changes in valuation allowance7,318 (23.4)%
Deferred tax rate remeasurement(2,016)6.4 %
Other62 (0.2)%
Brazil
Changes in valuation allowance1,076 (3.4)%
Return to provision336 (1.1)%
Other(241)0.8 %
Luxembourg
Return to provision375 (1.2)%
Other(369)1.2 %
Netherlands
Changes in valuation allowance513 (1.6)%
Other(103)0.3 %
Norway
Changes in valuation allowance390 (1.2)%
Other(218)0.7 %
Singapore
Changes in valuation allowance1,035 (3.3)%
Return to provision(441)1.4 %
Other22 (0.1)%
Other Foreign Jurisdictions(114)0.4 %
Tax credits
Research and development tax credits(947)3.0 %
Changes in valuation allowances9,101 (29.0)%
Nontaxable or nondeductible items
Stock-based compensation485 (1.6)%
Unrealized gain on derivatives(316)1.0 %
Other106 (0.3)%
Changes in unrecognized tax benefits203 (0.7)%
Other
Prior period adjustments1,566 (5.0)%
Other337 (1.1)%
Effective tax rate$6,392 (20.4)%
The following table presents the required disclosures prior to our adoption of ASU 2023-09 and provides a reconciliation of the statutory federal income tax rate to our effective tax rate for the years ended March 31, 2025 and 2024:
Year Ended March 31,
20252024
Statutory federal income tax rate$(18,518)$(85,077)
State income taxes, net of federal benefit(2,591)— 
State rate remeasurement523 1,680 
Nondeductible expenses— 176 
Disallowed executive compensation2,018 1,145 
Excess deductions for stock-based compensation1,572 2,783 
Foreign rate differential(5,049)(544)
Impairment of goodwill— 64,346 
Research and development tax credit(1,721)(721)
Change in uncertain tax liability364 144 
Change in valuation allowance29,551 29,010 
Return to provision adjustments(1,976)2,375 
Other miscellaneous62 — 
Income tax expense$4,235 $15,317 
Summary of Valuation Allowance The following table represents the roll forward of our valuation allowance:
Year Ended March 31,
202620252024
Balance at the beginning of the year$85,403 $55,852 $26,842 
Valuation allowance charged to income tax expense21,589 29,551 29,010 
Balance at the end of the year$106,992 $85,403 $55,852 
Schedule of Cash Paid for Income Taxes
Supplemental cash flow information related to our leases was as follows:
Year Ended March 31,
202620252024
Cash paid for amounts included in the measurement of operating lease liabilities
$3,783 $3,520 $3,443 
Right-of-use assets obtained in exchange for operating lease liabilities1,477 4,096 2,683 
Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended March 31, 2026 was as follows:
Year Ended March 31, 2026
U.S. federal$— 
State and local— 
Foreign
Israel25,208 
Other foreign jurisdictions1,087 
Total foreign26,295 
Total cash taxes paid, net of refunds$26,295 
Schedule of Deferred Tax Assets and Liabilities
The significant components of net deferred tax balances were as follows:
March 31,
20262025
Deferred tax assets
Net operating loss carry-forward$101,931 $90,177 
Stock-based compensation5,774 5,698 
Accrued compensation3,673 172 
Capitalized research and experimentation expenses— 3,114 
Disallowed interest expense
27,326 15,963 
Other634 471 
Total deferred tax assets139,338 115,595 
Valuation allowance(106,992)(85,403)
Deferred tax assets, net of valuation allowance32,346 30,192 
Deferred tax liabilities
Depreciation and amortization(1,280)(1,310)
Capitalized research and experimentation expenses(8,151)— 
Intangibles and goodwill(38,733)(45,190)
Total deferred tax liabilities(48,164)(46,500)
Deferred tax liabilities, net$(15,818)$(16,308)
Schedule of Operating Loss Carryforwards
The following details the scheduled expiration dates of the Company’s net operating loss (NOL) carryforwards as of March 31, 2026:
2027 Through 20362037 Through 2046IndefiniteTotal
U.S. federal$— $37,357 $99,020 $136,377 
State and local12,459 150,836 4,282 167,577 
Foreign927 702 210,097 211,726 
Total net operating loss carryforwards$13,386 $188,895 $313,399 $515,680 
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended March 31, 2026, 2025, and 2024, is as follows:
Year Ended March 31,
 202620252024
Balance at the beginning of the year$2,532 $2,168 $2,024 
Additions for tax positions of prior years189 364 144 
Balance at the end of the year$2,721 $2,532 $2,168