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Segment Information
 12 Months Ended
Mar. 31, 2024
Segment Information [Abstract]  
Segment Information
19. Segment Information

Pursuant to the guidance provided under the Financial Accounting Standards Board Accounting Standards Codification for segment reporting, the Company has identified its chief operating decision maker (“CODM”), reviewed the documents used by the CODM, and understands how such documents are used by the CODM to make financial and operating decisions. The Company has identified its Chief Executive Officer as the CODM. The criteria the Company used to identify the reportable segments are primarily the nature of the products the Company sells, the Company’s organizational and management reporting structure, and the operating results that are regularly reviewed by the Company’s CODM to make decisions about the resources to be allocated to the business units and to assess performance.

The Company’s three operating segments are:


 •
Hard Parts, which includes (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, which includes (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, which includes 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. The Test Solutions and Diagnostic Equipment and Heavy Duty segments 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:

   
March 31, 2024
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
669,904,000
    
$
47,780,000
    
$
717,684,000
  
Intersegment sales
    
895,000
      
407,000
      
1,302,000
  
Operating income (loss)
    
48,500,000
      
(2,431,000
)
    
46,069,000
  
Depreciation and amortization
    
10,371,000
      
1,248,000
      
11,619,000
  
Segment assets
    
1,019,811,000
      
54,946,000
      
1,074,757,000
  
Capital expenditures
    
621,000
      
379,000
      
1,000,000
  

   
March 31, 2023
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
638,460,000
    
$
44,614,000
    
$
683,074,000
  
Intersegment sales
    
600,000
      
192,000
      
792,000
  
Operating income (loss)
    
44,855,000
      
(8,303,000
)
    
36,552,000
  
Depreciation and amortization
    
10,955,000
      
1,489,000
      
12,444,000
  
Segment assets
    
1,032,739,000
      
49,778,000
      
1,082,517,000
  
Capital expenditures
    
3,459,000
      
742,000
      
4,201,000
  

   
March 31, 2022
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
609,992,000
    
$
40,316,000
    
$
650,308,000
  
Intersegment sales
    
831,000
      
2,502,000
      
3,333,000
  
Operating income (loss)
    
32,265,000
      
(3,544,000
)
    
28,721,000
  
Depreciation and amortization
    
11,345,000
      
1,541,000
      
12,886,000
  
Capital expenditures
    
6,630,000
      
920,000
      
7,550,000
  

Net sales
  
March 31, 2024
    
March 31, 2023
    
March 31, 2022
  
Total net sales for reportable segment
  
$
670,799,000
    
$
639,060,000
    
$
610,823,000
  
Other net sales
    
48,187,000
      
44,806,000
      
42,818,000
  
Elimination of intersegment net sales
    
(1,302,000
)
    
(792,000
)
    
(3,333,000
)
Total consolidated net sales
  
$
717,684,000
    
$
683,074,000
    
$
650,308,000
  

Profit or loss
  
March 31, 2024
    
March 31, 2023
    
March 31, 2022
  
Total operating income for reportable segment
  
$
48,500,000
    
$
44,855,000
    
$
32,265,000
  
Other operating loss
    
(2,431,000
)
    
(8,303,000
)
    
(3,544,000
)
Elimination of intersegment operating income (loss)
    
51,000
      
(106,000
)
    
(17,000
)
Interest expense, net
    
(60,040,000
)
    
(39,555,000
)
    
(15,555,000
)
Change in fair value of compound net derivative liability
     1,020,000       -       -  
Loss on extinguishment of debt
     (168,000 )     -       -  
Total consolidated (loss) income before income tax expense
  
$
(13,068,000
)
  
$
(3,109,000
)
  
$
13,149,000
  

Assets
  
March 31, 2024
    
March 31, 2023
  
Total assets for reportable segment
  
$
1,019,811,000
    
$
1,032,739,000
  
Other assets
    
54,946,000
      
49,778,000
  
Elimination of intersegment assets
    
(62,755,000
)
    
(53,952,000
)
Total consolidated assets
  
$
1,012,002,000
    
$
1,028,565,000