v3.22.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Operating activities      
Net income/(loss) $ 20,092 $ 877 $ 11,936
Adjustment to reconcile net income/(loss) to net cash provided by operating activities:      
Depreciation and amortization 20,205 20,722 28,275
Amortization of debt costs 596 1,525 1,885
Loss on extinguishment of debt 2,569 0 0
Stock compensation expense 3,803 3,728 4,960
Loss on sale of business, net of cash surrendered 306 2,065 0
Deferred income taxes (1,648) (3,153) (3,737)
Long-term cross currency swap loss/(gain) (774) 5,842 (2,580)
Reserve (release) for uncertain tax positions 77 79 (408)
Remeasurement loss/(gain) on intercompany balances (247) (6,227) 6,169
Changes in operating assets and liabilities:      
Accounts receivable (21,739) 22,930 9,449
Inventories (8,598) (549) 1,407
Contract assets (3,292) (2,693) 12,220
Other current and non-current assets (2,891) (2,127) (2,915)
Accounts payable 13,752 (5,651) 3,407
Accrued liabilities and non-current liabilities 2,227 (239) (284)
Income taxes payable and receivable 4,316 (6,840) 942
Net cash provided by operating activities 28,754 30,289 70,726
Investing activities      
Purchases of property, plant and equipment (5,220) (8,132) (10,855)
Sales of rental equipment 689 300 603
Proceeds from the sale of property, plant and equipment 0 0 242
Net cash used in investing activities (4,531) (7,832) (10,010)
Financing activities      
Proceeds from Term Loan A 139,793 0 0
Payments on long-term debt and revolving credit facility (178,914) (64,963) (51,883)
Proceeds from revolving credit facility 18,459 37,189 10,000
Issuance costs associated with debt financing (1,265) 0 0
Purchase of shares from non-controlling interests 0 0 (4,508)
Lease financing (155) (276) (196)
Issuance of common stock including exercise of stock options 97 629 1,016
Repurchase of employee stock units on vesting (673) (784) (969)
Net cash used in financing activities (22,658) (28,205) (46,540)
Effect of exchange rate changes on cash and cash equivalents (84) 2,192 (2,011)
Change in cash and cash equivalents 1,481 (3,556) 12,165
Cash, cash equivalents and restricted cash at beginning of period 42,450 46,006 33,841
Cash, cash equivalents and restricted cash at end of period 43,931 42,450 46,006
Interest paid 5,700 8,736 12,397
Income taxes paid 9,788 9,667 12,614
Income tax refunds received $ 4,059 $ 2,070 $ 4,842

Source