XML 39 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 903,000 $ (5,084,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 5,629,000 4,313,000
Amortization of intangible assets 1,390,000 620,000
Amortization and write-off of debt issuance costs 604,000 798,000
Amortization of interest on contract liabilities, net 603,000 725,000
Noncash lease expense 3,977,000 0
Loss due to the change in the fair value of the contingent consideration 419,000 0
Gain due to the remeasurement of lease liabilities (1,491,000) 0
(Gain) loss on short-term investments (264,000) 240,000
Net provision for inventory reserves 10,104,000 6,997,000
Net provision for customer payment discrepancies 1,427,000 602,000
Net provision for doubtful accounts 431,000 221,000
Deferred income taxes 1,104,000 (962,000)
Share-based compensation expense 3,112,000 3,151,000
Loss on disposal of plant and equipment 1,000 24,000
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 1,353,000 8,432,000
Inventory (32,388,000) (49,431,000)
Inventory unreturned 203,000 (3,238,000)
Income tax receivable (945,000) (4,921,000)
Prepaid expenses and other current assets (1,180,000) 1,398,000
Other assets 399,000 (129,000)
Accounts payable and accrued liabilities (11,405,000) 27,968,000
Customer finished goods returns accrual 2,602,000 1,431,000
Contract assets, net (3,115,000) (4,027,000)
Contract liabilities, net 16,275,000 (10,794,000)
Operating lease liabilities (3,402,000) 0
Other liabilities (756,000) 1,338,000
Net cash used in operating activities (4,410,000) (20,328,000)
Cash flows from investing activities:    
Purchase of plant and equipment (10,846,000) (8,548,000)
Proceeds from sale of plant and equipment 41,000 0
Purchase of business, net of cash acquired 0 (4,417,000)
Change in short-term investments 1,155,000 (279,000)
Net cash used in investing activities (9,650,000) (13,244,000)
Cash flows from financing activities:    
Borrowings under revolving loan 48,000,000 64,900,000
Repayments of revolving loan (28,400,000) (40,494,000)
Borrowings under term loan 0 13,594,000
Repayments of term loan (2,813,000) (1,719,000)
Payments for debt issuance costs (973,000) (1,780,000)
Payments on finance lease obligations (1,641,000)  
Payments on finance lease obligations   (1,071,000)
Exercise of stock options 435,000 244,000
Cash used to net share settle equity awards (1,062,000) (322,000)
Repurchase of common stock, including fees 0 (4,062,000)
Net cash provided by financing activities 13,546,000 29,290,000
Effect of exchange rate changes on cash and cash equivalents 61,000 (176,000)
Net decrease in cash and cash equivalents (453,000) (4,458,000)
Cash and cash equivalents - Beginning of period 9,911,000 13,049,000
Cash and cash equivalents - End of period 9,458,000 8,591,000
Supplemental disclosures of cash flow information:    
Cash paid for interest, net 18,375,000 14,846,000
Cash paid for income taxes, net of refunds 0 3,263,000
Cash paid for operating leases 5,906,000 0
Cash paid for finance leases 1,855,000 0
Plant and equipment acquired under finance leases 2,385,000 207,000
Assets acquired under operating leases 17,295,000 0
Contingent consideration $ 0 $ 3,560,000