v3.21.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Operating activities      
Net income $ 1,165 $ 11,936 $ 23,169
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 20,722 28,275 29,965
Amortization of debt costs 1,525 1,885 1,756
Amortization of inventory step-up 0 0 170
Stock compensation expense 3,728 4,960 4,148
Loss on sale of business, net of cash surrendered 2,065 0 0
Deferred income taxes (3,072) (3,737) (5,552)
Long-term cross currency swap loss/(gain) 5,842 (2,580) (3,313)
Reserve (release) for uncertain tax positions 79 (408) 1,136
Remeasurement loss/(gain) on intercompany balances (6,227) 6,169 4,147
Changes in operating assets and liabilities:      
Accounts receivable 22,930 9,449 (14,541)
Inventories (549) 1,407 (3,432)
Contract assets (2,693) 12,220 (11,990)
Other current and non-current assets (2,127) (2,915) (370)
Accounts payable (5,651) 3,407 (21)
Accrued liabilities and non-current liabilities (608) (284) 4,076
Income taxes payable and receivable (6,840) 942 (6,121)
Net cash provided by operating activities 30,289 70,726 23,227
Investing activities      
Purchases of property, plant and equipment (8,132) (10,855) (12,036)
Sales of rental equipment 300 603 981
Proceeds from the sale of property, plant and equipment 0 242 33
Proceeds from the sale of investments 0 0 952
Net cash used in investing activities (7,832) (10,010) (10,070)
Financing activities      
Payments on long-term debt and revolving credit facility (64,963) (51,883) (40,323)
Proceeds from revolving credit facility 37,189 10,000 33,241
Purchase of shares from non-controlling interests 0 (4,508) (5,665)
Distribution to non-controlling interest 0 0 (947)
Lease financing (276) (196) (205)
Issuance of common stock including exercise of stock options 629 1,016 396
Repurchase of employee stock units on vesting (784) (969) (598)
Net cash provided by (used in) financing activities (28,205) (46,540) (14,101)
Effect of exchange rate changes on cash and cash equivalents 2,192 (2,011) (1,542)
Change in cash and cash equivalents (3,556) 12,165 (2,486)
Cash, cash equivalents and restricted cash at beginning of period 46,006 33,841 36,327
Cash, cash equivalents and restricted cash at end of period 42,450 46,006 33,841
Interest paid 8,736 12,397 13,959
Income taxes paid 9,667 12,614 22,260
Income tax refunds received $ 2,070 $ 4,842 $ 900

Source