XML 89 R26.htm IDEA: XBRL DOCUMENT
v3.20.1

Commitments and Contingencies | 12 Months Ended
--- | ---
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Operating Lease Obligations The Company leases office facilities under non-cancellable operating lease agreements expiring between fiscal years 2024 and 2026. The following table provides a summary of future minimum payments under initial terms of leases as of:
Year ending March 31, |  |
2021 |  | $ | 1,390 |
2022 |  | 1,493 |
2023 |  | 1,549 |
2024 |  | 1,374 |
2025 |  | 1,081 |
Thereafter |  | 882 |
Total Minimum Lease Payments |  | $ | 7,769 |
These amounts do not reflect future escalations for real estate taxes and building operating expenses. Rental expense for continuing operations amounted to $1,093, $1,065, and $857, for the years ended March 31, 2020, 2019, and 2018, respectively. Debt Repayment Obligations On February 28, 2020, the Company entered into a new credit agreement (the "New Credit Agreement") with the Bank, which provides for a term loan of $20,000, the proceeds of which the Company used to pay a portion of the closing cash purchase price for the Acquisition. See Note "Debt" for further details. The term loan must be repaid on a quarterly basis, beginning in July 2020, until the term loan maturity date of February 28, 2025, at which time the remaining unpaid principal balance must be repaid. The quarterly principal payment amounts increase from $250 to $1,250 over the term of the term loan. In addition, the Company must, following each fiscal year-end, make principal repayments equal to a percentage of its excess cash flow (as defined under the New Credit Agreement) for the fiscal year, which percentage is determined based on the Company’s total funded debt to consolidated adjusted EBITDA ratio. The following table provides a summary of future minimum payments under initial terms of the New Credit Agreement as of:
Year ending March 31, |  |
2021 |  | $ | 1,250 |
2022 |  | 2,000 |
2023 |  | 2,750 |
2024 |  | 3,750 |
2025 |  | 10,250 |
Thereafter |  | — |
Total Minimum Debt Payments |  | $ | 20,000 |
Amounts outstanding under the New Credit Agreement accrue interest at an annual rate equal to LIBOR (or, if necessary, a broadly-adopted replacement index), subject to a 1.75% floor, plus 3.75%. Inclusive of the Notes issued on September 28, 2016 and the Credit Agreement entered into on May 23, 2017 in prior years, and the New Credit Agreement in the current year, the Company recorded $101, $322, and $1,049 of interest expense during the years ended March 31, 2020, 2019, and 2018 respectively. Additionally, aggregate debt discount and debt issuance cost amortization related to the Notes in the prior years, detailed in the paragraph above, and debt issuance cost amortization related to the New Credit Agreement in the current year, is reflected on the Consolidated Statement of Operations as interest expense. Inclusive of this amortization of $6 recorded during the year ended March 31, 2020, $798 recorded during the year ended March 31, 2019, and $1,018 recorded during March 31, 2018, the Company recorded $107, $1,120, and $2,067 of total interest expense for the years ended March 31, 2020, 2019, and 2018 respectively. Legal Matters The Company may be involved in various claims, suits, assessments, investigations, and legal proceedings that arise from time to time in the ordinary course of its business. The Company accrues a liability when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. The Company reviews these accruals at least quarterly, and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel, and other relevant information. To the extent new information is obtained and the Company's views on the probable outcomes of claims, suits, assessments, investigations, or legal proceedings change, changes in the Company's accrued liabilities would be recorded in the period in which such determination is made. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated, and therefore, accruals have not been made.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration