TAXES

6 Months Ended

Sep. 30, 2023

TAXES

TAXES

NOTE 5. TAXES

For the three months ended September 30, 2023, the Company’s effective tax rate was (30.3%), compared to (27.9%) for the three months ended September 30, 2022. For the six months ended September 30, 2023, the Company’s effective tax rate was (29.8%), compared to (25.1%) for the six months ended September 30, 2022. The Company’s negative effective tax rates for the three and six months ended September 30, 2023 and 2022 reflect a tax expense on a pretax book loss in those periods.

The Company’s effective tax rate for the three and six months ended September 30, 2023 and 2022 was lower than the Company’s statutory tax rate primarily due to taxes on foreign operations and valuation allowances recorded in certain jurisdictions against deferred tax assets that are not more likely than not to be realized.