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Segment Information | 6 Months Ended
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Sep. 30, 2023
Segment Information [Abstract] |
Segment Information | 17. Segment Information Effective as of the fourth quarter of fiscal 2023, the Company revised its segment reporting as it determined that its three operating segments no longer met the criteria to be aggregated. The Company recast its prior year segment disclosures to conform to the current year’s presentation. The Company’s three operating segments are:
| • | Hard Parts, including (i) light duty rotating electric products such as alternators and starters, (ii) wheel hub products, (iii) brake-related products, including brake calipers, brake boosters, brake rotors, brake pads and brake master cylinders, and (iv) turbochargers,
| • | Test Solutions and Diagnostic Equipment, including (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) equipment for the pre- and post-production of electric vehicles, and (iii) software emulation of power system applications for the electrification of all forms of transportation (including automobiles, trucks, the emerging electrification of systems within the aerospace industry, and electric vehicle charging stations), and
| • | Heavy Duty, including non-discretionary automotive aftermarket replacement hard parts for heavy-duty truck, industrial, marine, and agricultural applications.
The Company’s Hard Parts operating segment meets the criteria of a reportable segment while Test Solutions and Diagnostic Equipment and Heavy Duty are not material, are not required to be separately reported, and are included within the “all other” category. Financial information relating to the Company’s segments is as follows:
|  | Three Months Ended September 30, 2023 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 184,421,000 |  |  | $ | 12,218,000 |  |  | $ | 196,639,000 |
Intersegment sales |  |  | 68,000 |  |  |  | 38,000 |  |  |  | 106,000 |
Operating income (loss) |  |  | 15,203,000 |  |  |  | (1,300,000 | ) |  |  | 13,903,000 |
Depreciation and amortization |  |  | 2,589,000 |  |  |  | 344,000 |  |  |  | 2,933,000 |
Segment assets |  |  | 1,074,783,000 |  |  |  | 51,668,000 |  |  |  | 1,126,451,000 |
Capital expenditures |  |  | 91,000 |  |  |  | 38,000 |  |  |  | 129,000 |
|  | Three Months Ended September 30, 2022 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 166,061,000 |  |  | $ | 6,482,000 |  |  | $ | 172,543,000 |
Intersegment sales |  |  | 203,000 |  |  |  | 16,000 |  |  |  | 219,000 |
Operating income (loss) |  |  | 7,174,000 |  |  |  | (5,215,000 | ) |  |  | 1,959,000 |
Depreciation and amortization |  |  | 2,724,000 |  |  |  | 366,000 |  |  |  | 3,090,000 |
Segment assets |  |  | 1,022,669,000 |  |  |  | 42,823,000 |  |  |  | 1,065,492,000 |
Capital expenditures |  |  | 1,194,000 |  |  |  | 75,000 |  |  |  | 1,269,000 |
|  | Six Months Ended September 30, 2023 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 334,168,000 |  |  | $ | 22,176,000 |  |  | $ | 356,344,000 |
Intersegment sales |  |  | 200,000 |  |  |  | 133,000 |  |  |  | 333,000 |
Operating income (loss) |  |  | 26,709,000 |  |  |  | (2,379,000 | ) |  |  | 24,330,000 |
Depreciation and amortization |  |  | 5,268,000 |  |  |  | 698,000 |  |  |  | 5,966,000 |
Capital expenditures |  |  | 131,000 |  |  |  | 38,000 |  |  |  | 169,000 |
|  | Six Months Ended September 30, 2022 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 318,489,000 |  |  | $ | 18,039,000 |  |  | $ | 336,528,000 |
Intersegment sales |  |  | 350,000 |  |  |  | 158,000 |  |  |  | 508,000 |
Operating income (loss) |  |  | 16,785,000 |  |  |  | (7,495,000 | ) |  |  | 9,290,000 |
Depreciation and amortization |  |  | 5,475,000 |  |  |  | 739,000 |  |  |  | 6,214,000 |
Capital expenditures |  |  | 2,536,000 |  |  |  | 108,000 |  |  |  | 2,644,000 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
Net sales |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total net sales for reportable segment |  | $ | 184,489,000 |  |  | $ | 166,264,000 |  |  | $ | 334,368,000 |  |  | $ | 318,839,000 |
Other net sales |  |  | 12,256,000 |  |  |  | 6,498,000 |  |  |  | 22,309,000 |  |  |  | 18,197,000 |
Elimination of intersegment net sales |  |  | (106,000 | ) |  |  | (219,000 | ) |  |  | (333,000 | ) |  |  | (508,000 | )
Total consolidated net sales |  | $ | 196,639,000 |  |  | $ | 172,543,000 |  |  | $ | 356,344,000 |  |  | $ | 336,528,000 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
Profit or loss |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total operating income for reportable segment |  | $ | 15,203,000 |  |  | $ | 7,174,000 |  |  | $ | 26,709,000 |  |  | $ | 16,785,000 |
Other operating loss |  |  | (1,300,000 | ) |  |  | (5,215,000 | ) |  |  | (2,379,000 | ) |  |  | (7,495,000 | )
Elimination of intersegment operating income |  |  | 34,000 |  |  |  | (107,000 | ) |  |  | 48,000 |  |  |  | (103,000 | )
Interest expense, net |  |  | (15,383,000 | ) |  |  | (9,283,000 | ) |  |  | (27,103,000 | ) |  |  | (16,204,000 | )
Change in fair value of compound net derivative liability |  |  | (390,000 | ) |  |  | - |  |  |  | (530,000 | ) |  |  | - |
Loss on extinguishment of debt |  |  | (168,000 | ) |  |  | - |  |  |  | (168,000 | ) |  |  | - |
Total consolidated loss before income tax benefit |  | $ | (2,004,000 | ) |  | $ | (7,431,000 | ) |  | $ | (3,423,000 | ) |  | $ | (7,017,000 | )
Assets |  | September 30, 2023 |  |  | March 31, 2023 |
Total assets for reportable segment |  | $ | 1,074,783,000 |  |  | $ | 1,032,739,000 |
Other assets |  |  | 51,668,000 |  |  |  | 49,778,000 |
Elimination of intersegment assets |  |  | (59,679,000 | ) |  |  | (53,952,000 | )
Total consolidated assets |  | $ | 1,066,772,000 |  |  | $ | 1,028,565,000 |

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