XML 39 R48.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Amount      
Income tax expense at Bermuda statutory rate $ 0 $ 0 $ 0
Foreign rate differential (40,056) (31,252) (14,802)
Impact of changes in enacted income tax rates (27,150) 0 0
R&D tax credits (4,224) 0 0
Share-based compensation deferral adjustment 4,089 0 0
Change in uncertain tax positions 3,016 0 0
Valuation allowance 65,193 32,335 13,966
Tax reform 0 0 1,049
Other (107) (607) 0
Total income tax expense $ 761 $ 476 $ 213
Effective Income Tax Rate Reconciliation, Percent      
Income tax expense at Bermuda statutory rate 0.00% 0.00% 0.00%
Foreign rate differential 13.90% 11.44% 10.35%
Impact of changes in enacted income tax rates 9.42% 0.00% 0.00%
R&D tax credits 1.47% 0.00% 0.00%
Share-based compensation deferral adjustment (1.42%) 0.00% 0.00%
Change in uncertain tax positions (1.05%) 0.00% 0.00%
Valuation allowance (22.62%) (11.83%) (9.77%)
Tax reform 0.00% 0.00% (0.73%)
Other 0.04% 0.22% 0.00%
Total income tax expense (0.26%) (0.17%) (0.15%)