Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Components of (Loss) Income Before Income Taxes

The components of income (loss) before income taxes are as follows (in thousands):



	Year Ended March 31,
	2019			2018			2017
Domestic	$	(46,838	)	$	(47,489	)	$	(62,526	)
Foreign	5,779			3,128			1,713
Total	$	(41,059	)	$	(44,361	)	$	(60,813	)

Components of Provision (Benefit) for Income Taxes

The components of the provision for income taxes are as follows (in thousands):



	Year Ended March 31,
	2019			2018		2017
Current Provision:
Federal	$	(269	)	$	—	$	—
State	32			89		18
Foreign	1,742			870		333
Total current provision	1,505			959		351
Deferred Provision:
Federal	(568		)	—		—
State	—			—		—
Foreign	(240		)	—		(87		)
Total deferred provision	(808		)	—		(87		)
Total income tax provision	$	697		$	959	$	264

Schedule of Effective Federal Statutory Rate and Provision for Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consist of the following:



	Year Ended March 31,
	2019		2018		2017
Federal statutory rate	21.0	%	30.8	%	34.0	%
Effect of:
State taxes, net of federal benefits	5.0		3.2		2.4
Stock-based compensation	35.2		82.4		(1.8	)
Research and development credits, net of ASC 740-10	8.7		6.5		3.5
Tax Cuts and Jobs Act	—		(71.0	)	—
Permanent items	(3.9	)	(2.1	)	—
Foreign taxes	(0.3	)	(0.6	)	—
Business combination	1.4		—		—
Other	0.7		0.6		0.4
Valuation allowance	(69.5	)	(52.0	)	(38.9	)
Effective tax rate	(1.7	)%	(2.2	)%	(0.4	)%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands):



	As of March 31,
	2019			2018
Deferred tax assets:
Accrued expenses	$	3,768		$	2,558
Depreciation and amortization	2,461			3,585
Net operating loss carryforwards	126,125			98,338
Stock based compensation	6,754			5,248
Research and development credits	15,960			12,351
Other	—			—
Gross deferred tax assets	155,068			122,080
Valuation allowance	(126,793		)	(117,353		)
Total deferred tax assets	28,275			4,727
Deferred tax liabilities:
Prepaids	(2,889		)	(2,647		)
Intangibles	(2,349		)
Capitalized research and development	(2,165		)	(1,942		)
Deferred contract acquisition costs	(12,515		)	—
Convertible debt	(7,570		)	—
Total deferred tax liabilities	(27,488		)	(4,589		)
Total net deferred tax assets/(liabilities)	$	787		$	138

Schedule of Unrecognized Tax Benefits Reconciliation




Balance at March 31, 2016	$	3,489
Additions based on tax positions taken during the current period	1,503
Additions based on tax positions taken during the prior period	—
Reductions based on tax positions taken during the prior period	(7		)
Balance at March 31, 2017	4,985
Additions based on tax positions taken during the current period	1,938
Reductions based on tax positions taken during the prior period	(187		)
Balance at March 31, 2018	6,736
Additions based on tax positions taken during the current period	1,566
Reductions based on tax positions taken during the prior period	(305		)
Balance at March 31, 2019	$	7,997