INCOME TAX (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Total Income Tax Expense (Benefit)

Total income tax expense (benefit) was allocated as follows (dollars in thousands):

	For the twelve months ended March 31,
	2024		2023		2022
Continuing operations	$	24,270	$	5,252	$	(1,242)
Discontinued operations	(2,332)		(7,070)		—
	$	21,938	$	(1,818)	$	(1,242)

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to continuing operations consists of (dollars in thousands): 

	For the twelve months ended March 31,
	2024		2023		2022
Current:
U.S. Federal	$	21,014	$	6,325	$	(1,227)
Non-U.S.	662		1,086		305
State	3,384		(2,274)		1,220
	25,060		5,137		298
Deferred:
U.S. Federal	(101)		155		(895)
Non-U.S.	(387)		(83)		(608)
State	(302)		43		(37)
	(790)		115		(1,540)
Total	$	24,270	$	5,252	$	(1,242)

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income tax attributable to U.S. and non-U.S. continuing operations consists of (dollars in thousands):

	For the twelve months ended March 31,
	2024		2023		2022
U.S.	$	33,892	$	(122,994)	$	(37,415)
Non-U.S.	469		4,140		2,340
Total	$	34,361	$	(118,854)	$	(35,075)

Schedule of Effective Income Tax Rate Reconciliation

Below is a reconciliation of expected income tax expense (benefit), computed by applying the U.S. federal statutory rate of 21.0% to income (loss) before income taxes, to actual income tax expense (benefit) from continuing operations (dollars in thousands): 

	For the twelve months ended March 31,
	2024		2023		2022
Computed expected income tax expense (benefit)	$	7,216	$	(24,959)	$	(7,366)
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit	2,494		(2,440)		691
Research and other tax credits	(3,012)		(4,363)		(3,107)
Nondeductible expenses	2,169		669		673
Stock-based compensation	2,013		3,486		5,576
Non-U.S. subsidiaries taxed at other rates	(1,036)		491		(364)
Adjustment to valuation allowances	14,209		33,197		2,520
Other, net	217		(829)		135
	$	24,270	$	5,252	$	(1,242)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at March 31, 2024 and 2023 are presented below (dollars in thousands).  

	March 31,
	2024		2023
Deferred tax assets:
Accrued expenses	$	5,849	$	5,287
Lease liabilities	10,107		11,613
Net operating loss carryforwards	30,408		22,504
Stock-based compensation	7,346		3,335
Nonqualified deferred compensation	2,809		2,797
Property and equipment	—		585
Tax credit carryforwards	9,764		7,779
Capitalized research and development	45,499		26,357
Other	1,477		253
Total deferred tax assets	113,259		80,510
Less valuation allowance	(81,284)		(61,152)
Net deferred tax assets	31,975		19,358
Deferred tax liabilities:
Prepaid expenses	(2,821)		(2,411)
Property and equipment	(1,976)		—
Right-of-use assets	(6,186)		(6,011)
Intangible assets	(7,118)		(829)
Deferred commissions	(12,098)		(9,153)
Other	(364)		—
Total deferred tax liabilities	(30,563)		(18,404)
Net deferred tax assets	$	1,412	$	954

Schedule of Unrecognized Tax Benefits Roll Forward

The following table sets forth changes in the total gross unrecognized tax benefits for the fiscal years ended March 31, 2024, 2023 and 2022 (dollars in thousands):

	For the twelve months ended March 31,
	2024		2023		2022
Balance at beginning of period	$	21,624	$	23,817	$	25,026
Increases related to prior year tax positions	741		93		411
Decreases related to prior year tax positions	(246)		(522)		—
Increases related to current year tax positions	1,179		2,229		990
Settlements with taxing authorities	—		(166)		—
Lapse of statute of limitations	(376)		(3,827)		(2,610)
Balance at end of period	$	22,922	$	21,624	$	23,817