INCOME TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of pre-tax income (loss) |
Pre-tax loss reflected in the Consolidated Statements of Operations is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017
(As Restated) |
|
U.S. |
|
$ |
(40,935 |
) |
|
$ |
(46,923 |
) |
|
$ |
(3,794 |
) |
Foreign |
|
|
514 |
|
|
|
464 |
|
|
|
3,042 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(40,421 |
) |
|
$ |
(46,459 |
) |
|
$ |
(752 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of income tax provision |
The Company’s provision for income tax consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017
(As Restated) |
|
Current tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(217 |
) |
|
$ |
(3,484 |
) |
|
$ |
(385 |
) |
State |
|
|
31 |
|
|
|
26 |
|
|
|
37 |
|
Foreign |
|
|
1,103 |
|
|
|
206 |
|
|
|
1,826 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total current |
|
|
917 |
|
|
|
(3,252 |
) |
|
|
1,478 |
|
Deferred expense |
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
|
32 |
|
|
|
32 |
|
|
|
37 |
|
Foreign |
|
|
1,427 |
|
|
|
107 |
|
|
|
141 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred |
|
|
1,459 |
|
|
|
139 |
|
|
|
178 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
$ |
2,376 |
|
|
$ |
(3,113 |
) |
|
$ |
1,656 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of federal income tax rate reconciliation |
The income tax provision differs from the amount computed by applying the federal statutory rate of 21% for 2019, 31.5% for 2018, and 35% for 2017 to income (loss) before income taxes as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017
(As Restated) |
|
Benefit at the federal statutory rate |
|
$ |
(8,488 |
) |
|
$ |
(14,634 |
) |
|
$ |
(263 |
) |
Equity compensation |
|
|
905 |
|
|
|
1,024 |
|
|
|
2,472 |
|
Permanent items |
|
|
359 |
|
|
|
564 |
|
|
|
640 |
|
Foreign taxes |
|
|
(2,133 |
) |
|
|
1,336 |
|
|
|
(159 |
) |
State income taxes |
|
|
(997 |
) |
|
|
(830 |
) |
|
|
(88 |
) |
Valuation allowance |
|
|
10,913 |
|
|
|
(42,784 |
) |
|
|
(2,745 |
) |
Uncertain tax positions |
|
|
(9,278 |
) |
|
|
(336 |
) |
|
|
1,347 |
|
Tax reform |
|
|
(207 |
) |
|
|
52,682 |
|
|
|
— |
|
Credit monetization |
|
|
— |
|
|
|
(323 |
) |
|
|
(120 |
) |
Expiration of attributes |
|
|
12,268 |
|
|
|
410 |
|
|
|
1,880 |
|
Other |
|
|
(966 |
) |
|
|
(222 |
) |
|
|
(1,308 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
$ |
2,376 |
|
|
$ |
(3,113 |
) |
|
$ |
1,656 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of components of deferred tax assets and liabilities |
Significant components of deferred tax assets and liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of March 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017
(Restated)
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
|
|
|
|
Inventory valuation method |
|
$ |
882 |
|
|
$ |
1,364 |
|
|
$ |
2,006 |
|
Accrued warranty expense |
|
|
814 |
|
|
|
571 |
|
|
|
1,370 |
|
Distribution reserves |
|
|
2,137 |
|
|
|
2,119 |
|
|
|
3,028 |
|
Loss carryforwards |
|
|
93,308 |
|
|
|
62,369 |
|
|
|
55,784 |
|
Tax credits |
|
|
20,346 |
|
|
|
20,082 |
|
|
|
20,767 |
|
Restructuring charge accruals |
|
|
678 |
|
|
|
1,371 |
|
|
|
2,333 |
|
Deferred revenue |
|
|
13,094 |
|
|
|
32,936 |
|
|
|
50,319 |
|
Acquired intangibles |
|
|
2,822 |
|
|
|
4,776 |
|
|
|
10,752 |
|
Depreciation |
|
|
— |
|
|
|
— |
|
|
|
1,226 |
|
Other accruals and reserves not currently deductible for tax purposes |
|
|
7,051 |
|
|
|
7,146 |
|
|
|
12,003 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
141,132 |
|
|
|
132,734 |
|
|
|
159,588 |
|
Less valuation allowance |
|
|
(140,359 |
) |
|
|
(130,048 |
) |
|
|
(154,296 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax assets |
|
|
773 |
|
|
|
2,686 |
|
|
|
5,292 |
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
(450 |
) |
|
|
(638 |
) |
|
|
— |
|
Tax on unremitted foreign earnings |
|
|
— |
|
|
|
— |
|
|
|
(1,332 |
) |
Other |
|
|
(524 |
) |
|
|
(735 |
) |
|
|
(2,552 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
(974 |
) |
|
|
(1,373 |
) |
|
|
(3,884 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax asset |
|
$ |
(201 |
) |
|
$ |
1,313 |
|
|
$ |
1,408 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of gross unrecognized tax benefits |
A reconciliation of the gross unrecognized tax benefits follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017
(As Restated)
|
|
Beginning balance |
|
$ |
150,559 |
|
|
$ |
170,730 |
|
|
$ |
171,374 |
|
Increase in balances related to tax positions in current period |
|
|
1,718 |
|
|
|
3,298 |
|
|
|
2,789 |
|
Decrease in balances related to tax positions in prior period |
|
|
(25,095 |
) |
|
|
(20,692 |
) |
|
|
(1,350 |
) |
Decrease in balances due to lapse of statute of limitations |
|
|
(11,150 |
) |
|
|
(810 |
) |
|
|
(1,672 |
) |
Settlement and effective settlements with tax authorities and related remeasurements |
|
|
— |
|
|
|
(1,992 |
) |
|
|
(411 |
) |
Increase in balances related to tax positions in prior period |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
$ |
116,032 |
|
|
$ |
150,599 |
|
|
$ |
170,730 |
|
| |
|
|
|
|
|
|
|
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|