INCOME TAXES

9 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company records its interim tax provision based upon a projection of the Company’s annual effective tax rate (“AETR”). This AETR is applied to the year-to-date consolidated pre-tax income to determine the estimated interim provision for income taxes before discrete items. The Company updates the AETR on a quarterly basis as the pre-tax income projections are revised and tax laws are enacted. The effective tax rate (“ETR”) each period is impacted by a number of factors, including the relative mix of domestic and foreign earnings and adjustments to recorded valuation allowances. The currently forecasted ETR may vary from the actual year-end due to the changes in these factors.

	Three Months Ended December 31,						Nine Months Ended December 31,
	2023			2024			2023			2024
Domestic pre-tax book loss	$	(4,915)		$	(6,839)		$	(19,535)		$	(30,451)
Foreign pre-tax book income (expense)	1,352			(3,998)			9,449			(3,260)
Total loss before income taxes	(3,563)			(10,837)			(10,086)			(33,710)
Income tax benefit (expense)	92			(3,513)			(197)			(4,821)
Net loss before non-controlling interest	$	(3,471)		$	(14,350)		$	(10,283)		$	(38,531)
Effective tax rate	2.58		%	(32.42)		%	(1.95)		%	(14.30)		%

For the three- and nine-month periods ended December 31, 2023 and 2024, the effective tax rate differed from the statutory tax rates primarily due to the mix of domestic and foreign earnings amongst taxable jurisdictions, recorded valuation allowances to fully reserve against deferred tax assets in jurisdictions, and certain discrete items.