v3.19.2
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2017
Operating activities      
Net income $ 23,169 $ 13,219 $ 14,984
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 29,965 24,420 17,832
Amortization of debt costs 1,756 1,657 390
Amortization of inventory step-up 170 869 0
Loss on extinguishment of debt 0 376 0
Stock compensation expense 4,148 3,519 3,402
Deferred income taxes (5,552) (11,337) (3,262)
Long term cross currency swap (3,313) 1,540 0
Reserve (release) for uncertain tax positions 1,136 0 (128)
Remeasurement loss/(gain) on intercompany balances 4,147 (773) 152
Changes in operating assets and liabilities:      
Accounts receivable (14,541) (13,818) (5,212)
Inventories (3,432) (9,059) 6,579
Contract assets (11,990) (6,067) 2,599
Other current and non-current assets (370) (1,627) (527)
Accounts payable (21) 2,003 (4,608)
Accrued liabilities and non-current liabilities 4,076 13,950 (3,173)
Income taxes payable and receivable (6,121) 4,041 (2,545)
Net cash provided by operating activities 23,227 22,913 26,483
Investing activities      
Purchases of property, plant and equipment (12,036) (10,008) (8,370)
Sales of rental equipment 981 936 350
Proceeds from the sale of property, plant and equipment 33 13 811
Cash paid for acquisitions, net of cash acquired 0 (202,693) 0
Purchase of investments 0 (8,123) (44,786)
Proceeds from the sale of investments 952 53,406 0
Net cash used in investing activities (10,070) (166,469) (51,995)
Financing activities      
Proceeds from senior secured notes 0 250,000 0
Payments on long term debt and revolving credit facility (40,323) (116,000) (13,500)
Proceeds from revolving credit facility 33,241 10,000 0
Lease financing (205) (264) (257)
Issuance costs associated with debt financing 0 (9,698) 0
Purchase of shares from non-controlling interests (5,665) 0 0
Distribution to non-controlling interest (947) 0 0
Issuance of common stock including exercise of stock options 396 383 168
Loss from excess tax deduction from option exercises 0 0 (448)
Repurchase of employee stock units on vesting (598) (481) (621)
Net cash provided by (used in) financing activities (14,101) 133,940 (14,658)
Effect of exchange rate changes on cash and cash equivalents (1,542) 1,651 (1,516)
Change in cash and cash equivalents (2,486) (7,965) (41,686)
Cash, cash equivalents and restricted cash at beginning of period 36,327 44,292 85,978
Cash, cash equivalents and restricted cash at end of period 33,841 36,327 44,292
Interest 13,959 7,348 3,085
Income taxes paid 22,260 7,728 9,280
Income tax refunds received $ 900 $ 818 $ 0

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