v3.24.1.1.u2
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Provision For (benefit from) Income Taxes
The components of the Company’s loss before income taxes are summarized as follows:
Year Ended March 31,
202420232022
(in thousands)
Domestic$(663,740)$(292,730)$(221,212)
Foreign(2,891)(21,698)242 
Loss before income taxes$(666,631)$(314,428)$(220,970)
Schedule of Reconciliation of Income Tax (Benefit)
A reconciliation of income tax (benefit) computed at the statutory federal tax rate to the effective income tax rate is summarized as follows:
Year Ended March 31,
202420232022
Statutory federal tax expense rate21 %21 %21 %
Non-deductible stock-based compensation(3 %)(4 %)(3 %)
Fair Market Value adjustment on Warrants— %— 3 %
Change in valuation allowance related to acquisition— %— 2 %
Goodwill impairment(11 %)— %— %
Change in valuation allowance(6 %)(16 %)(20 %)
Other(1 %)— (2 %)
Effective tax rate— %1 %2 %
Schedule of Deferred Tax Asset and Liabilities The components of the Company's deferred tax assets and liabilities as of March 31, 2024 and 2023 were as follows:
March 31,
20242023
(in thousands)
Deferred tax assets:
Net operating loss carryforwards$280,549 $262,295 
Capitalized research and development expenses48,027 33,709 
Accruals and reserves4,237 3,865 
Stock-based compensation13,397 18,065 
Deferred revenue17,570 11,498 
Operating lease liabilities17,966 21,474 
Property and equipment1,192 — 
Capital loss carryover5,109 — 
Other303 332 
Gross deferred tax assets388,350 351,238 
Valuation allowance(364,871)(322,104)
Total deferred tax assets23,479 29,134 
Deferred tax liabilities:
Prepaid expenses(783)(892)
Intangibles(11,215)(13,689)
Operating lease right-of-use assets(11,481)(14,117)
Property and equipment— (436)
Gross deferred tax liabilities(23,479)(29,134)
Net deferred taxes$— $—