| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2015-04-01 - 2016-03-31 |
|---|
Income Tax Disclosure [Abstract] | |
Income before Income Taxes |
The components of the Company’s income tax provision (benefit) for the fiscal years ended March 31, 2016, 2015 and 2014 are as follows:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
(in $000's) |
|
|
|
|
|
|
Income before provision for income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
|
54,406 |
|
$ |
|
22,243 |
|
$ |
|
4,267 |
|
|
Foreign |
|
|
11,432 |
|
|
|
6,522 |
|
|
|
4,263 |
|
|
Income before income taxes |
$ |
|
65,838 |
|
$ |
|
28,765 |
|
$ |
|
8,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
$ |
|
1,690 |
|
$ |
|
464 |
|
$ |
|
(100 |
) |
|
State |
|
|
2,113 |
|
|
|
424 |
|
|
|
(106 |
) |
|
Foreign |
|
|
1,592 |
|
|
|
1,283 |
|
|
|
525 |
|
|
|
|
|
5,395 |
|
|
|
2,171 |
|
|
|
319 |
|
|
Deferred tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
18,769 |
|
|
|
(66,140 |
) |
|
|
825 |
|
|
State |
|
|
1,284 |
|
|
|
(13,430 |
) |
|
|
35 |
|
|
Foreign |
|
|
2,243 |
|
|
|
(7,524 |
) |
|
|
- |
|
|
|
|
|
22,296 |
|
|
|
(87,094 |
) |
|
|
860 |
|
|
Total income tax provision (benefit) |
$ |
|
27,691 |
|
$ |
|
(84,923 |
) |
$ |
|
1,179 |
|
|
Components of Income Tax Provision (Benefit) |
The components of the Company’s income tax provision (benefit) for the fiscal years ended March 31, 2016, 2015 and 2014 are as follows:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
(in $000's) |
|
|
|
|
|
|
Income before provision for income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
|
54,406 |
|
$ |
|
22,243 |
|
$ |
|
4,267 |
|
|
Foreign |
|
|
11,432 |
|
|
|
6,522 |
|
|
|
4,263 |
|
|
Income before income taxes |
$ |
|
65,838 |
|
$ |
|
28,765 |
|
$ |
|
8,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
$ |
|
1,690 |
|
$ |
|
464 |
|
$ |
|
(100 |
) |
|
State |
|
|
2,113 |
|
|
|
424 |
|
|
|
(106 |
) |
|
Foreign |
|
|
1,592 |
|
|
|
1,283 |
|
|
|
525 |
|
|
|
|
|
5,395 |
|
|
|
2,171 |
|
|
|
319 |
|
|
Deferred tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
18,769 |
|
|
|
(66,140 |
) |
|
|
825 |
|
|
State |
|
|
1,284 |
|
|
|
(13,430 |
) |
|
|
35 |
|
|
Foreign |
|
|
2,243 |
|
|
|
(7,524 |
) |
|
|
- |
|
|
|
|
|
22,296 |
|
|
|
(87,094 |
) |
|
|
860 |
|
|
Total income tax provision (benefit) |
$ |
|
27,691 |
|
$ |
|
(84,923 |
) |
$ |
|
1,179 |
|
|
Components of Net Deferred Taxes |
The components of the Company’s net deferred taxes were as follows:
|
|
March 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(in $000's) |
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
|
|
NOL carryforwards and tax credit carryforwards |
$ |
|
34,305 |
|
|
$ |
|
60,081 |
|
|
Stock-based compensation |
|
|
14,879 |
|
|
|
|
10,568 |
|
|
Nondeductible reserves and accruals |
|
|
8,550 |
|
|
|
|
7,573 |
|
|
Amortizable intangibles other than goodwill |
|
|
2,420 |
|
|
|
|
2,993 |
|
|
Capitalized research and development |
|
|
442 |
|
|
|
|
1,597 |
|
|
Foreign NOL carryforwards |
|
|
17,635 |
|
|
|
|
19,617 |
|
|
Deferred revenue |
|
|
3,351 |
|
|
|
|
2,669 |
|
|
Depreciation |
|
|
353 |
|
|
|
|
276 |
|
|
Other, net |
|
|
1,802 |
|
|
|
|
1,298 |
|
|
|
83,737 |
|
|
106,672 |
|
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
|
|
Indefinite lived intangibles |
|
|
(8,480 |
) |
|
|
|
(7,530 |
) |
|
In-process research and development |
|
|
(4,649 |
) |
|
|
|
(4,443 |
) |
|
Domestic deferred tax liability on foreign NOL carryforwards |
|
|
(10,488 |
) |
|
|
|
(12,276 |
) |
|
|
|
|
(23,617 |
) |
|
|
|
(24,249 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets |
|
|
60,120 |
|
|
|
|
82,423 |
|
|
Valuation allowance |
|
|
(2,418 |
) |
|
|
|
(2,912 |
) |
|
Net deferred tax assets |
$ |
|
57,702 |
|
|
$ |
|
79,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported as: |
|
|
|
|
|
|
|
|
|
|
Long-term deferred tax assets, net |
|
|
58,534 |
|
|
|
|
80,306 |
|
|
Long-term deferred tax liabilities |
|
|
(832 |
) |
|
|
|
(795 |
) |
|
Net deferred tax assets |
$ |
|
57,702 |
|
|
$ |
|
79,511 |
|
|
Differences Between Federal Statutory Income Tax Rate and Effective Tax Rates |
A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the fiscal years ended March 31, 2016, 2015, and 2014:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
Statutory income tax rate |
|
|
35.0 |
|
% |
|
35.0 |
|
% |
|
34.0 |
|
% |
|
Increase (decrease) resulting from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in valuation allowance |
|
|
0.7 |
|
|
|
(342.8 |
) |
|
|
(53.7 |
) |
|
|
Credits |
|
|
(4.1 |
) |
|
|
(1.9 |
) |
|
|
(20.1 |
) |
|
|
Foreign taxes |
|
|
2.5 |
|
|
|
4.5 |
|
|
|
- |
|
|
|
State taxes, net |
|
|
3.7 |
|
|
|
4.0 |
|
|
|
12.9 |
|
|
|
Permanent differences |
|
|
3.0 |
|
|
|
3.9 |
|
|
|
0.4 |
|
|
|
Stock based compensation |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
|
Rate differential on foreign operations |
|
|
- |
|
|
|
0.2 |
|
|
|
31.1 |
|
|
|
Other |
|
|
1.0 |
|
|
|
1.6 |
|
|
|
8.4 |
|
|
|
Effective tax rate |
|
|
42.1 |
|
% |
|
(295.2 |
) |
% |
|
13.9 |
|
% |
|
Changes in Valuation Allowance for Deferred Tax Assets |
Changes in the valuation allowance for deferred tax assets during the fiscal years ended March 31, 2016, 2015 and 2014 were as follows:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
|
(in $000's) |
|
|
Valuation allowance as of beginning of year |
$ |
|
2,912 |
|
$ |
|
102,093 |
|
$ |
|
106,670 |
|
|
Decreases recorded as benefit to income tax provision |
|
|
(1,171 |
) |
|
|
(101,468 |
) |
|
|
(4,577 |
) |
|
Increases due to foreign net operating loss in certain foreign jurisdictions |
|
|
677 |
|
|
|
2,287 |
|
|
|
- |
|
|
Valuation allowance as of end of year |
$ |
|
2,418 |
|
$ |
|
2,912 |
|
$ |
|
102,093 |
|
|