Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Components of (Loss) Income Before Income Taxes

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

	Fiscal Year Ended March 31,
	2022		2021		2020
Domestic	$	(238,068)	$	(193,262)	$	(93,687)
Foreign	6,286		2,931		2,919
Total	$	(231,782)	$	(190,331)	$	(90,768)

Components of Provision (Benefit) for Income Taxes

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

	Fiscal Year Ended March 31,
	2022		2021		2020
Current Provision:
Federal	$	—	$	—	$	(1,177)
State	276		(9)		34
Foreign	1,385		685		1,632
Total current provision	1,661		676		489
Deferred Provision:
Federal	(1,120)		35		—
State	(64)		(96)		—
Foreign	(154)		(56)		(278)
Total deferred provision	(1,338)		(117)		(278)
Total income tax provision	$	323	$	559	$	211

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 consisted of the following:

	Fiscal Year Ended March 31,
	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Effect of:
State taxes, net of federal benefits	3.5		3.0		3.0
Stock-based compensation	3.8		(1.5)		(0.4)
Research and development credits, net of ASC 740-10	2.5		2.4		5.1
Permanent items	(4.4)		(2.4)		(4.0)
Foreign taxes	—		0.2		0.4
Intraperiod allocation	—		—		1.5
Other	0.5		0.7		0.7
Valuation allowance	(27.0)		(23.7)		(27.5)
Effective tax rate	(0.1)	%	(0.3)	%	(0.2)	%

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,
	2022		2021
Deferred tax assets:
Accrued expenses	$	2,568	$	3,429
Depreciation and amortization	5,657		3,518
Capitalized research and development	24,050		—
Net operating loss and other attribute carryforwards	196,159		178,535
Stock based compensation	20,695		14,987
Research and development credits	31,695		25,932
Lease liability	13,349		15,208
Convertible debt	3,638		—
Other	4,530		378
Gross deferred tax assets	302,341		241,987
Valuation allowance	(276,475)		(198,794)
Total deferred tax assets	25,866		43,193
Deferred tax liabilities:
Prepaids	(4,268)		(3,949)
Intangibles	(2,679)		(1,923)
Capitalized research and development	—		(4,405)
Deferred contract acquisition costs	(7,326)		(15,520)
Convertible debt	—		(3,991)
Right of use asset	(10,809)		(12,748)
Total deferred tax liabilities	(25,082)		(42,536)
Total net deferred tax assets/(liabilities)	$	784	$	657

Schedule of Unrecognized Tax Benefits Reconciliation

Balance at March 31, 2019	$	7,997
Additions based on tax positions taken during the current period	2,183
Additions based on tax positions taken during the prior period	687
Reductions based on tax positions taken during the prior period	(529)
Balance at March 31, 2020	10,338
Additions based on tax positions taken during the current period	2,667
Additions based on tax positions taken during the prior period	703
Reductions based on tax positions taken during the prior period	(1,549)
Balance at March 31, 2021	12,159
Additions based on tax positions taken during the current period	2,920
Additions based on tax positions taken during the prior period	430
Reductions based on tax positions taken during the prior period	(521)
Balance at March 31, 2022	$	14,988