Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.2
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision (Benefit) for Income Taxes
The components of the Company’s income tax provision (benefit) attributable to operations are as follows:
Year ended March 31,
2025 2024 2023
Current:
U.S. federal $ —  $ —  $ (38)
State and local —  —  637 
Non-U.S. 8,241  8,262  10,313 
8,241  8,262  10,912 
Deferred:
U.S. federal (9) 5,925  3,026 
State and local —  5,491  (3,430)
Non-U.S. (3,997) (4,361) (5,362)
(4,006) 7,055  (5,766)
Income tax provision $ 4,235  $ 15,317  $ 5,146 
Reconciliation of Income Tax Expense Between Statutory U S Income Tax Rate With Actual Income Tax Provision
A reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision follows:
Year ended March 31,
2025 2024 2023
Statutory federal income taxes $ (18,518) $ (85,077) $ 4,650 
State income taxes, net of federal benefit (2,591) —  77 
State rate remeasurement 523  1,680  (2,992)
Non-deductible expenses —  176  67 
Disallowed executive compensation 2,018  1,145  1,070 
Excess deductions for stock compensation 1,572  2,783  1,167 
Foreign income inclusion, net —  —  3,926 
Foreign rate differential (5,049) (544) (2,682)
Impairment of goodwill —  64,346  — 
Research and development tax credit (1,721) (721) (3,000)
Change in uncertain tax liability 364  144  600 
Change in valuation allowance 29,551  29,010  6,500 
Return-to-provision adjustments (1,976) 2,375  (4,237)
Other miscellaneous 62  —  — 
Income tax provision $ 4,235  $ 15,317  $ 5,146 
Schedule of Deferred Tax Assets and Liabilities
Deferred income tax assets and liabilities consist of the following:
Year ended March 31,
2025 2024 2023
Deferred income tax assets
Net operating loss carry-forward $ 90,177  $ 74,997  $ 63,660 
Stock-based compensation 5,698  6,527  7,009 
Accrued compensation 172  219  1,562 
Capitalized research and experimentation expenses 3,114  2,311  4,965 
Disallowed Interest
 16,434  7,886  1,366 
Gross deferred income tax assets 115,595  91,940  78,562 
Valuation allowance (85,403) (55,852) (25,921)
Net deferred income tax assets 30,192  36,088  52,641 
Deferred income tax liabilities
Depreciation and amortization (1,310) (1,427) (2,063)
Intangibles and goodwill (45,190) (55,085) (64,518)
Net deferred income tax assets (liabilities) $ (16,308) $ (20,424) $ (13,940)
Schedule of Operating Loss Carryforwards
The following details the scheduled expiration dates of the Company’s net operating loss (NOL) carryforwards:
2026 Through 2035 2036 Through 2045 Indefinite Total
U.S. federal NOLs $ —  $ 44,812  $ 77,833  $ 122,645 
State taxing jurisdictions NOLs 12,398  139,393  4,858  156,649 
Non-U.S. NOLs 731  2,205  183,385  186,321 
Total, net $ 13,129  $ 186,410  $ 266,076  $ 465,615 
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended March 31, 2025, 2024, and 2023, is as follows:
Year ended March 31,
  2025 2024 2023
Balance at April 1 $ 2,168  $ 2,024  $ 1,424 
Additions for tax positions of prior years 364  144  600 
Reductions for tax positions of prior years —  —  — 
Balance at March 31 $ 2,532  $ 2,168  $ 2,024