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Income Taxes (Tables)
12 Months Ended
Mar. 31, 2021
Income Taxes [Abstract]  
Schedule of Income (Loss) before Income Tax



 

 

 

 

 

 

 

 

 



 

Year Ended

 

Year Ended

 

Year Ended



 

March 31, 2021

 

March 31, 2020

 

March 31, 2019

Domestic (U.S.)

 

$

(145,328)

 

$

(1,091,272)

 

$

(70,607)

Foreign

 

 

(2,069)

 

 

421 

 

 

 -

Total

 

$

(147,397)

 

$

(1,090,851)

 

$

(70,607)



Schedule of Components of Income Tax Expense (Benefit)



 

 

 

 

 

 

 

 

 



 

Year Ended

 

Year Ended

 

Year Ended



 

March 31, 2021

 

March 31, 2020

 

March 31, 2019

Current:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

2,515 

 

$

 —

 

$

 —

U.S. State

 

 

5,805 

 

 

466 

 

 

 —

Foreign

 

 

2,789 

 

 

102 

 

 

 —

Current income tax provision (benefit)

 

 

11,109 

 

 

568 

 

 

 —

Deferred:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

(47,052)

 

 

(113,523)

 

 

(15,468)

U.S. State

 

 

(1,249)

 

 

(30,297)

 

 

(3,127)

Foreign

 

 

2,005 

 

 

(2)

 

 

 —

Deferred income tax provision (benefit)

 

 

(46,296)

 

 

(143,822)

 

 

(18,595)

Total income tax provision (benefit)

 

$

(35,187)

 

$

(143,254)

 

$

(18,595)



Schedule of Effective Income Tax Rate Reconciliation



 

 

 

 

 

 

 

 

 



 

Year Ended

 

Year Ended

 

Year Ended



 

March 31, 2021

 

March 31, 2020

 

March 31, 2019

Statutory U.S. federal tax rate

 

21.0 

%

 

21.0 

%

 

21.0 

%

State income taxes (net of federal benefit)

 

(2.7)

 

 

2.1 

 

 

3.5 

 

Change in fair value of equity based awards

 

 —

 

 

(1.2)

 

 

1.0 

 

Look through accounting policy election

 

 —

 

 

2.1 

 

 

 —

 

Research and development credit

 

11.0 

 

 

0.2 

 

 

1.6 

 

Gain on sale of business

 

(4.4)

 

 

 —

 —

 —

 —

 

Foreign income taxes

 

(1.5)

 

 

 —

 —

 —

 —

 

Equity compensation

 

(1.3)

 

 

 —

 —

 —

 —

 

eRx option

 

2.9 

 

 

 —

 —

 —

 —

 

Goodwill impairment charge

 

 —

 

 

(10.8)

 

 

 —

 

Other

 

(1.2)

 

 

(0.3)

 

 

(0.8)

 

Effective income tax rate

 

23.8 

%

 

13.1 

%

 

26.3 

%



Schedule of Deferred Tax Assets (Liabilities)



 

 

 

 

 

 



 

March 31, 2021

 

March 31, 2020

Depreciation and amortization

 

$

(1,046,755)

 

$

(1,034,407)

Net operating losses

 

 

299,606 

 

 

348,329 

Tax receivable agreements obligations to related parties

 

 

67,633 

 

 

68,900 

Fair value of interest rate cap agreements

 

 

1,466 

 

 

14,011 

Accruals and reserves

 

 

60,661 

 

 

15,680 

Tax credits

 

 

38,138 

 

 

16,629 

Debt discount and interest

 

 

(6,594)

 

 

(9,661)

Equity compensation

 

 

38,289 

 

 

18,560 

Valuation allowance

 

 

(20,238)

 

 

(29,350)

163(j) Business interest expense limitation

 

 

2,056 

 

 

23,842 

Accounting method change (ASC 606 adoption)

 

 

(23,315)

 

 

(31,886)

Right of use asset

 

 

(24,262)

 

 

 —

Right of use liability

 

 

27,377 

 

 

 —

Residual deferred tax asset

 

 

5,518 

 

 

12,072 

Accounts receivable

 

 

6,107 

 

 

5,793 

Other

 

 

(2,779)

 

 

(3,696)

Net deferred tax assets (liabilities)

 

$

(577,092)

 

$

(585,184)

Reported as:

 

 

 

 

 

 

Non-current deferred tax assets

 

 

28,199 

 

 

30,720 

Non-current deferred tax liabilities

 

 

(605,291)

 

 

(615,904)

Net deferred tax assets (liabilities)

 

$

(577,092)

 

$

(585,184)



Reconciliation of Unrecognized Tax Benefits



 

 

 

 

 

 



 

Year Ended

 

Year Ended



 

March 31, 2021

 

March 31, 2020

Beginning unrecognized benefit

 

$

56,177 

 

$

863 

Decreases from prior period tax positions

 

 

 —

 

 

(2)

Increases from prior period tax positions

 

 

3,010 

 

 

 —

Increases from current period tax positions

 

 

4,923 

 

 

769 

Increases from acquisition

 

 

 —

 

 

54,547 

Ending unrecognized benefit

 

$

64,110 

 

$

56,177