Income Taxes (Tables)
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12 Months Ended |
Mar. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Provision (Benefit) for Income Taxes |
The provision / (benefit) for income taxes by taxing jurisdiction was as follows:
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Year ended March 31, |
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2022 |
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2021 |
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2020 |
Current U.S. federal |
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$ |
236 |
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$ |
— |
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$ |
— |
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Current state and local |
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703 |
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204 |
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182 |
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Current non-U.S. |
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7,439 |
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38 |
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(55) |
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Total current |
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8,378
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242
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127
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Deferred U.S. federal |
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1,485 |
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(13,185) |
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(7,928) |
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Deferred state and local |
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(1,350) |
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(204) |
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(2,624) |
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Deferred non-U.S. |
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(110) |
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120 |
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50 |
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Total deferred |
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25
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(13,269) |
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(10,502) |
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Total income tax provision / (benefit) |
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$ |
8,403
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$ |
(13,027) |
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$ |
(10,375) |
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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:
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Year ended March 31, |
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2022 |
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2021 |
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2020 |
Statutory federal income taxes |
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$ |
9,256 |
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$ |
8,819 |
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$ |
741 |
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State income taxes, net of federal benefit |
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938 |
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(1,284) |
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|
144 |
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Non-deductible expenses |
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2,891 |
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|
926 |
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272 |
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Change in warrant liability |
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— |
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— |
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2,012 |
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Change in Mobile Posse earn-out |
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— |
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3,238 |
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— |
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Change in Fyber earn-out |
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10,500 |
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— |
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— |
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Change in AdColony earn-out |
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(1,872) |
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— |
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— |
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Excess deductions for stock compensation |
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(9,946) |
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(16,523) |
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(1,384) |
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Change in uncertain tax liability |
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52 |
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591 |
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32 |
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Change in valuation allowance |
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(1,503) |
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(11,223) |
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(12,262) |
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Foreign rate differential |
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(1,554) |
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— |
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— |
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Return-to-provision adjustments |
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(454) |
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2,243 |
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— |
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Other miscellaneous |
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95 |
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186 |
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70 |
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Income tax provision / (benefit) |
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$ |
8,403
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$ |
(13,027) |
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$ |
(10,375) |
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Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities consist of the following:
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Year ended March 31, |
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2022 |
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2021 |
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2020 |
Deferred income tax assets |
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Net operating loss carry-forward |
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$ |
76,219 |
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$ |
25,630 |
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$ |
21,913 |
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Stock-based compensation |
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3,765 |
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1,675 |
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3,775 |
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Accrued compensation |
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3,724 |
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1,968 |
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1,069 |
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Other |
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1,700 |
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1,919 |
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1,215 |
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Gross deferred income tax assets |
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85,408
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31,192
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27,972
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Valuation allowance |
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(19,914) |
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(5,287) |
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(15,977) |
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Net deferred income tax assets |
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65,494
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25,905
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11,995
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Deferred income tax liabilities |
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Depreciation and amortization |
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(5,795) |
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(2,627) |
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(1,648) |
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Intangibles and goodwill |
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(79,675) |
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(10,315) |
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(10,356) |
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Net deferred income tax assets / (liabilities) |
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$ |
(19,976) |
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$ |
12,963
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$ |
(9) |
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Fiscal year 2020 amounts recast for immaterial differences to match reported financial statements.
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Summary of Operating Loss Carryforwards |
The following details the scheduled expiration dates of the Company's net operating loss (NOL) carryforwards:
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2023 Through 2032 |
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2033 Through 2042 |
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Indefinite |
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Total |
U.S. federal NOLs |
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$ |
— |
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$ |
109,905 |
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$ |
71,021 |
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$ |
180,926 |
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State taxing jurisdictions NOLs |
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5,601 |
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129,890 |
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492 |
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135,983 |
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Non-U.S. NOLs |
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— |
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— |
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108,111 |
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108,111 |
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Total, net |
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$ |
5,601
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$ |
239,795
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$ |
179,624
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$ |
425,020
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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, 2022, 2021, and 2020, is as follows:
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Year ended March 31, |
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2022 |
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2021 |
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2020 |
Balance at April 1 |
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$ |
1,372
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$ |
787
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$ |
788
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Additions for tax positions of prior years |
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52 |
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585 |
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— |
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Reductions for tax positions of prior years |
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— |
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— |
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(1) |
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Balance at March 31 |
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$ |
1,424
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$ |
1,372
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$ |
787
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