Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Provision (Benefit) for Income Taxes
The provision / (benefit) for income taxes by taxing jurisdiction was as follows:
Year ended March 31,
2022 2021 2020
Current U.S. federal $ 236  $ —  $ — 
Current state and local 703  204  182 
Current non-U.S. 7,439  38  (55)
Total current 8,378  242  127 
Deferred U.S. federal 1,485  (13,185) (7,928)
Deferred state and local (1,350) (204) (2,624)
Deferred non-U.S. (110) 120  50 
Total deferred 25  (13,269) (10,502)
Total income tax provision / (benefit) $ 8,403  $ (13,027) $ (10,375)
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,
2022 2021 2020
Statutory federal income taxes $ 9,256  $ 8,819  $ 741 
State income taxes, net of federal benefit 938  (1,284) 144 
Non-deductible expenses 2,891  926  272 
Change in warrant liability —  —  2,012 
Change in Mobile Posse earn-out —  3,238  — 
Change in Fyber earn-out 10,500  —  — 
Change in AdColony earn-out (1,872) —  — 
Excess deductions for stock compensation (9,946) (16,523) (1,384)
Change in uncertain tax liability 52  591  32 
Change in valuation allowance (1,503) (11,223) (12,262)
Foreign rate differential (1,554) —  — 
Return-to-provision adjustments (454) 2,243  — 
Other miscellaneous 95  186  70 
Income tax provision / (benefit) $ 8,403  $ (13,027) $ (10,375)
Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities consist of the following:
Year ended March 31,
2022 2021 2020
Deferred income tax assets
Net operating loss carry-forward $ 76,219  $ 25,630  $ 21,913 
Stock-based compensation 3,765  1,675  3,775 
Accrued compensation 3,724  1,968  1,069 
Other 1,700  1,919  1,215 
Gross deferred income tax assets 85,408  31,192  27,972 
Valuation allowance (19,914) (5,287) (15,977)
Net deferred income tax assets 65,494  25,905  11,995 
Deferred income tax liabilities
Depreciation and amortization (5,795) (2,627) (1,648)
Intangibles and goodwill (79,675) (10,315) (10,356)
Net deferred income tax assets / (liabilities) $ (19,976) $ 12,963  $ (9)
Fiscal year 2020 amounts recast for immaterial differences to match reported financial statements.
Summary of Operating Loss Carryforwards
The following details the scheduled expiration dates of the Company's net operating loss (NOL) carryforwards:
2023 Through 2032 2033 Through 2042 Indefinite Total
U.S. federal NOLs $ —  $ 109,905  $ 71,021  $ 180,926 
State taxing jurisdictions NOLs 5,601  129,890  492  135,983 
Non-U.S. NOLs —  —  108,111  108,111 
Total, net $ 5,601  $ 239,795  $ 179,624  $ 425,020 
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:
Year ended March 31,
  2022 2021 2020
Balance at April 1 $ 1,372  $ 787  $ 788 
Additions for tax positions of prior years 52  585  — 
Reductions for tax positions of prior years —  —  (1)
Balance at March 31 $ 1,424  $ 1,372  $ 787