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Segment Information
 9 Months Ended
Dec. 31, 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 December 31, 2023
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
161,254,000
    
$
10,608,000
    
$
171,862,000
  
Intersegment sales
    
242,000
      
116,000
      
358,000
  
Operating income (loss)
    
9,993,000
      
(473,000
)
    
9,520,000
  
Depreciation and amortization
    
2,557,000
      
321,000
      
2,878,000
  
Segment assets
    
1,005,470,000
      
51,965,000
      
1,057,435,000
  
Capital expenditures
    
221,000
      
72,000
      
293,000
  


   
Three Months Ended December 31, 2022
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
139,809,000
    
$
12,010,000
    
$
151,819,000
  
Intersegment sales
    
128,000
      
27,000
      
155,000
  
Operating income (loss)
    
4,191,000
      
(678,000
)
    
3,513,000
  
Depreciation and amortization
    
2,737,000
      
371,000
      
3,108,000
  
Segment assets
    
1,020,855,000
      
50,225,000
      
1,071,080,000
  
Capital expenditures
    
778,000
      
185,000
      
963,000
  

   
Nine Months Ended December 31, 2023
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
495,422,000
    
$
32,784,000
    
$
528,206,000
  
Intersegment sales
    
442,000
      
249,000
      
691,000
  
Operating income (loss)
    
36,702,000
      
(2,852,000
)
    
33,850,000
  
Depreciation and amortization
    
7,825,000
      
1,019,000
      
8,844,000
  
Capital expenditures
    
352,000
      
110,000
      
462,000
  

   
Nine Months Ended December 31, 2022
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
458,298,000
    
$
30,049,000
    
$
488,347,000
  
Intersegment sales
    
478,000
      
185,000
      
663,000
  
Operating income (loss)
    
20,976,000
      
(8,173,000
)
    
12,803,000
  
Depreciation and amortization
    
8,212,000
      
1,110,000
      
9,322,000
  
Capital expenditures
    
3,314,000
      
293,000
      
3,607,000
  

   
Three Months Ended
    
Nine Months Ended
  
 
  
December 31,
    
December 31,
  
Net sales
  
2023
    
2022
    
2023
    
2022
  
Total net sales for reportable segment
  
$
161,496,000
    
$
139,937,000
    
$
495,864,000
    
$
458,776,000
  
Other net sales
     10,724,000       12,037,000       33,033,000       30,234,000  
Elimination of intersegment net sales
    
(358,000
)
    
(155,000
)
    
(691,000
)
    
(663,000
)
Total consolidated net sales
  
$
171,862,000
    
$
151,819,000
    
$
528,206,000
    
$
488,347,000
  

   
Three Months Ended
    
Nine Months Ended
  
 
  
December 31,
    
December 31,
  
Profit or loss
  
2023
    
2022
    
2023
    
2022
  
Total operating income for reportable segment
  
$
9,993,000
    
$
4,191,000
    
$
36,702,000
    
$
20,976,000
  
Other operating loss
     (473,000 )     (678,000 )     (2,852,000 )     (8,173,000 )
Elimination of intersegment operating income (loss)
    
4,000
      
13,000
   
52,000
      
(90,000
)
Interest expense, net
     (18,297,000 )     (11,471,000 )     (45,400,000 )     (27,675,000 )
Change in fair value of compound net derivative liability
    
(1,160,000
)
    
-
      
(1,690,000
)
    
-
  
Loss on extinguishment of debt     -     -       (168,000 )     -  
Total consolidated loss before income tax expense (benefit)
  
$
(9,933,000
)
  
$
(7,945,000
)
  
$
(13,356,000
)
  
$
(14,962,000
)

Assets
  
December 31, 2023
    
March 31, 2023
  
Total assets for reportable segment
  
$
1,005,470,000
    
$
1,032,739,000
  
Other assets
    
51,965,000
      
49,778,000
  
Elimination of intersegment assets
    
(61,502,000
)
    
(53,952,000
)
Total consolidated assets
  
$
995,933,000
    
$
1,028,565,000