Income Taxes

6 Months Ended

Sep. 30, 2023

Income Taxes [Abstract]

Income Taxes

Note 10—Income Taxes

The Company’s effective tax rate for the three and six months ended September 30, 2023 was (1.1)% and (0.8)%, respectively, and the effective tax rate for the three and six months ended September 30, 2022 was (0.7)% and (0.9)%, respectively. The effective tax rate is driven by the Company’s jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets.

The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary.