Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.23.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Operating activities      
Net income/(loss) $ 33,666 $ 20,092 $ 877
Adjustment to reconcile net income/(loss) to net cash provided by operating activities:      
Depreciation and amortization 19,231 20,205 20,722
Amortization of debt costs 317 596 1,525
Loss on extinguishment of debt 0 2,569 0
Impairment of property, plant, and equipment 298 0 0
Stock compensation expense 5,954 3,803 3,728
Loss on sale of business, net of cash surrendered 0 306 2,065
Deferred income taxes (4,562) (1,648) (3,153)
Long-term cross currency swap loss/(gain) 0 (774) 5,842
Reserve (release) for uncertain tax positions 36 77 79
Remeasurement loss/(gain) on intercompany balances (914) (247) (6,227)
Changes in operating assets and liabilities:      
Accounts receivable (2,912) (21,739) 22,930
Inventories (8,839) (8,598) (549)
Contract assets 4,051 (3,292) (2,693)
Other current and non-current assets 57 (2,891) (2,127)
Accounts payable (7,119) 13,752 (5,651)
Accrued liabilities and non-current liabilities 11,147 2,227 (239)
Income taxes payable and receivable 7,303 4,316 (6,840)
Net cash provided by operating activities 57,714 28,754 30,289
Investing activities      
Purchases of property, plant and equipment (9,453) (5,220) (8,132)
Sales of rental equipment 197 689 300
Cash paid for acquisitions, net of cash acquired (35,299) 0 0
Net cash used in investing activities (44,555) (4,531) (7,832)
Financing activities      
Proceeds from Term Loan A 0 139,793 0
Payments on Term Loan A (27,180) (170,780) (57,499)
Payments on revolving credit facility 34,500 18,459 37,189
Payments on revolving credit facility (20,000) (8,134) (7,464)
Issuance costs associated with debt financing 0 (1,265) 0
Lease financing (142) (155) (276)
Issuance of common stock including exercise of stock options 0 97 629
Repurchase of employee stock units on vesting (643) (673) (784)
Net cash used in financing activities (13,465) (22,658) (28,205)
Less: Net change in cash balances classified as assets held-for-sale (3,939) 0 0
Effect of exchange rate changes on cash and cash equivalents (1,166) (84) 2,192
Change in cash and cash equivalents (5,411) 1,481 (3,556)
Cash, cash equivalents and restricted cash at beginning of period 43,931 42,450 46,006
Cash, cash equivalents and restricted cash at end of period 38,520 43,931 42,450
Interest paid 5,767 5,700 8,736
Income taxes paid 14,933 9,788 9,667
Income tax refunds received 2,361 4,059 2,070
Purchases of property, plant and equipment in accounts payable $ 324 $ 84 $ 2