XML 18 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 27,761,000 $ 8,266,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 2,262,000 1,737,000
Amortization of intangible assets 456,000 476,000
Amortization of debt issuance costs 538,000 635,000
Write-off of debt issuance costs 0 5,108,000
Amortization of interest on accrued core payments 545,000 566,000
(Gain) loss due to change in fair value of the warrant liability (5,727,000) 3,077,000
Gain due to change in fair value of the contingent consideration (16,000) 0
Gain due to change in estimate of stock adjustment accrual (4,066,000) 0
Net provision for inventory reserves 2,327,000 3,439,000
Net provision for (recovery of) customer payment discrepancies 612,000 (270,000)
Net (recovery of) provision for doubtful accounts (1,000) 4,552,000
Deferred income taxes (1,620,000) (3,264,000)
Share-based compensation expense 2,555,000 1,786,000
Loss on disposal of plant and equipment 1,000 0
Changes in current assets and liabilities:    
Accounts receivable (14,685,000) 11,481,000
Inventory (13,696,000) 2,905,000
Inventory unreturned 227,000 (2,815,000)
Prepaid expenses and other current assets (1,917,000) 2,462,000
Other assets (4,045,000) (359,000)
Accounts payable and accrued liabilities 3,945,000 (3,830,000)
Customer finished goods returns accrual (4,548,000) 3,680,000
Long-term core inventory (17,893,000) (47,731,000)
Long-term core inventory deposits 0 26,002,000
Accrued core payments (113,000) (8,896,000)
Other liabilities 6,288,000 956,000
Net cash (used in) provided by operating activities (20,810,000) 9,963,000
Cash flows from investing activities:    
Purchase of plant and equipment (4,127,000) (3,168,000)
Purchase of business (705,000) (2,701,000)
Change in short-term investments 11,000 (838,000)
Net cash used in investing activities (4,821,000) (6,707,000)
Cash flows from financing activities:    
Borrowings under revolving loan 37,001,000 22,000,000
Repayments of revolving loan (26,000,000) (15,000,000)
Borrowings under term loan 0 25,000,000
Repayments of term loan (2,344,000) (85,281,000)
Payments for debt issuance costs (444,000) (2,337,000)
Payments on capital lease obligations (406,000) (268,000)
Payment of contingent consideration (314,000) 0
Exercise of stock options 1,475,000 3,051,000
Excess tax benefits from stock-based compensation 0 3,106,000
Cash used to net share settle equity awards (1,058,000) (913,000)
Net cash provided by (used in) financing activities 7,910,000 (50,642,000)
Effect of exchange rate changes on cash and cash equivalents (235,000) (143,000)
Net decrease in cash and cash equivalents (17,956,000) (47,529,000)
Cash and cash equivalents - Beginning of period 21,897,000 61,230,000
Cash and cash equivalents - End of period 3,941,000 13,701,000
Cash paid during the period for:    
Interest, net 8,212,000 7,405,000
Income taxes, net of refunds 9,971,000 3,684,000
Non-cash investing and financing activities:    
Plant and equipment acquired under capital lease 802,000 1,591,000
Contingent consideration $ 0 $ 1,320,000