XML 46 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:      
Net (loss) income $ (7,290,000) $ (7,849,000) $ 19,264,000
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 7,791,000 6,135,000 3,798,000
Amortization of intangible assets 1,770,000 1,194,000 710,000
Amortization and write -off of debt issuance costs 819,000 951,000 1,060,000
Amortization of interest on contract liabilities, net 713,000 909,000 670,000
Amortization of core premiums paid to customers 4,501,000 4,127,000 3,588,000
Non-cash lease expense 5,808,000 0 0
Loss due to the remeasurement of lease liabilities 11,710,000 0 0
Foreign currency remeasurement loss 818,000 0 0
(Gain) loss due to the change in the fair value of the contingent consideration (98,000) 324,000 0
Gain on short-term investments (96,000) (89,000) 0
Gain due to the change in the fair value of the warrant liability 0 0 (2,313,000)
Net provision for inventory reserves 13,372,000 11,153,000 8,491,000
Net provision for customer payment discrepancies 1,626,000 731,000 998,000
Net provision for doubtful accounts 610,000 224,000 21,000
Deferred income taxes (10,337,000) (3,063,000) 1,548,000
Share-based compensation expense 4,141,000 5,564,000 3,766,000
Loss on disposal of plant and equipment 15,000 41,000 161,000
Change in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (38,078,000) 10,214,000 (3,298,000)
Inventory (6,112,000) (76,213,000) (33,655,000)
Inventory unreturned (552,000) (961,000) 73,000
Income tax receivable 6,753,000 (2,039,000) (6,312,000)
Prepaid expenses and other current assets (416,000) 234,000 (965,000)
Other assets (1,109,000) (299,000) (120,000)
Accounts payable and accrued liabilities (11,253,000) 16,572,000 (11,671,000)
Customer finished goods returns accrual 2,725,000 4,588,000 138,000
Contract assets, net (15,835,000) (2,096,000) (25,028,000)
Contract liabilities, net 43,372,000 (11,894,000) 23,871,000
Operating lease liabilities (4,726,000) 0 0
Other liabilities 8,153,000 1,214,000 1,261,000
Net cash provided by (used in) operating activities 18,795,000 (40,328,000) (13,944,000)
Cash flows from investing activities:      
Purchase of plant and equipment (14,156,000) (11,149,000) (9,933,000)
Purchase of business, net of cash acquired 0 (11,106,000) (4,993,000)
Proceeds from sale of plant and equipment 43,000 0 0
Redemptions of (payments for) short term investments 2,519,000 (355,000) (352,000)
Net cash used in investing activities (11,594,000) (22,610,000) (15,278,000)
Cash flows from financing activities:      
Borrowings under revolving loan 75,000,000 102,900,000 84,000,000
Repayments of revolving loan (33,400,000) (46,500,000) (41,000,000)
Borrowings under term loan 0 13,594,000 0
Repayments of term loan (3,750,000) (2,656,000) (3,125,000)
Payments for debt issuance costs (973,000) (1,815,000) (462,000)
Payments on finance lease obligations (2,164,000) (1,460,000) (905,000)
Payment of contingent consideration (1,955,000) 0 0
Exercise of stock options 457,000 257,000 481,000
Cash used to net share settle equity awards (1,062,000) (322,000) (596,000)
Repurchase of common stock, including fees 0 (4,062,000) (9,251,000)
Exercise of warrant 0 0 4,000,000
Net cash provided by financing activities 32,153,000 59,936,000 33,142,000
Effect of exchange rate changes on cash and cash equivalents 351,000 (136,000) 100,000
Net increase (decrease) in cash and cash equivalents 39,705,000 (3,138,000) 4,020,000
Cash and cash equivalents - Beginning of period 9,911,000 13,049,000 9,029,000
Cash and cash equivalents - End of period 49,616,000 9,911,000 13,049,000
Supplemental disclosures of cash flow information:      
Cash paid for interest, net 23,558,000 21,148,000 13,623,000
Cash paid for income taxes, net of refunds 1,500,000 3,588,000 19,657,000
Cash paid for operating leases 8,212,000 0 0
Cash paid for finance leases 2,445,000 0 0
Plant and equipment acquired under finance leases 3,144,000 902,000 3,478,000
Assets acquired under operating leases 18,528,000 0 0
Contingent consideration 0 4,400,000 0
Non-cash capital expenditures $ 2,211,000 $ 0 $ 0