v3.20.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Operating activities      
Net income $ 11,936 $ 23,169 $ 13,219
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 28,275 29,965 24,420
Amortization of debt costs 1,885 1,756 1,657
Amortization of inventory step-up 0 170 869
Loss on extinguishment of debt 0 0 376
Stock compensation expense 4,960 4,148 3,519
Deferred income taxes (3,737) (5,552) (11,337)
Long term cross currency swap loss/(gain) (2,580) (3,313) 1,540
Reserve (release) for uncertain tax positions (408) 1,136 0
Remeasurement loss/(gain) on intercompany balances 6,169 4,147 (773)
Changes in operating assets and liabilities:      
Accounts receivable 9,449 (14,541) (13,818)
Inventories 1,407 (3,432) (9,059)
Contract assets 12,220 (11,990) (6,067)
Other current and non-current assets (2,915) (370) (1,627)
Accounts payable 3,407 (21) 2,003
Accrued liabilities and non-current liabilities (284) 4,076 13,950
Income taxes payable and receivable 942 (6,121) 4,041
Net cash provided by operating activities 70,726 23,227 22,913
Investing activities      
Purchases of property, plant and equipment (10,855) (12,036) (10,008)
Sales of rental equipment 603 981 936
Proceeds from the sale of property, plant and equipment 242 33 13
Cash paid for acquisitions, net of cash acquired 0 0 (202,693)
Purchase of investments 0 0 (8,123)
Proceeds from the sale of investments 0 952 53,406
Net cash used in investing activities (10,010) (10,070) (166,469)
Financing activities      
Proceeds from senior secured notes 0 0 250,000
Payments on long term debt and revolving credit facility (51,883) (40,323) (116,000)
Proceeds from revolving credit facility 10,000 33,241 10,000
Lease financing (196) (205) (264)
Issuance costs associated with debt financing 0 0 (9,698)
Purchase of shares from non-controlling interests (4,508) (5,665) 0
Distribution to non-controlling interest 0 (947) 0
Issuance of common stock including exercise of stock options 1,016 396 383
Repurchase of employee stock units on vesting (969) (598) (481)
Net cash provided by (used in) financing activities (46,540) (14,101) 133,940
Effect of exchange rate changes on cash and cash equivalents (2,011) (1,542) 1,651
Change in cash and cash equivalents 12,165 (2,486) (7,965)
Cash, cash equivalents and restricted cash at beginning of period 33,841 36,327 44,292
Cash, cash equivalents and restricted cash at end of period 46,006 33,841 36,327
Interest 12,397 13,959 7,348
Income taxes paid 12,614 22,260 7,728
Income tax refunds received $ 4,842 $ 900 $ 818

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