Quarterly report pursuant to Section 13 or 15(d)

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

v3.6.0.2
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS
 9 Months Ended
Dec. 31, 2016
Accounting Changes and Error Corrections [Abstract]  
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

In connection with the preparation of our condensed consolidated financial statements for the quarter ended December 31, 2016, we identified an error related to the manner in which we had previously recognized costs for certain third party maintenance contracts. Specifically, we had historically expensed such costs in the period the contracts were entered into rather than expensing them ratably over the contract period. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the error and determined that the related impact was not material to our results of operations or financial position for any prior annual or interim period, but that correcting the $1.6 million cumulative impact of the error would be material to our results of operations for the three month period ended December 31, 2016. Accordingly, we have corrected these errors for all prior periods presented by revising the condensed consolidated financial statements. Periods not presented herein will be revised, as applicable, in future filings. We also corrected the timing of a previously recorded immaterial out-of-period adjustment and reflected the adjustment in the period in which it originated in the revised prior period financial statements. 
Consolidated Balance Sheets
 
As of March 31,
 
2016
 
As Reported
 
Adjustment
 
As Revised
Other current assets
$
6,953

 
$
1,054

 
$
8,007

Total current assets
211,591

 
1,054

 
212,645

Total assets
229,546

 
1,054

 
230,600

Accumulated deficit
(597,994
)
 
1,054

 
(596,940
)
Total stockholders’ deficit
$
(126,939
)
 
$
1,054

 
$
(125,885
)

Consolidated Statements of operations
 
Three Months Ended
 
Nine Months Ended
 
December 31, 2015
 
December 31, 2015
 
As Reported
 
Adjustment
 
As Revised
 
As Reported
 
Adjustment
 
As Revised
Cost of product revenue
$
56,323

 
$
—

 
$
56,323

 
$
156,360

 
$
296

 
$
156,656

Cost of service revenue
15,028

 
522

 
15,550

 
49,590

 
934

 
50,524

Total cost of revenue
71,351

 
522

 
71,873

 
205,950

 
1,230

 
207,180

Gross margin
56,697

 
(522
)
 
56,175

 
149,979

 
(1,230
)
 
148,749

Income (loss) from operations
1,954

 
(522
)
 
1,432

 
(15,872
)
 
(1,230
)
 
(17,102
)
Income (loss) before income taxes
132

 
(522
)
 
(390
)
 
(21,164
)
 
(1,230
)
 
(22,394
)
Net income (loss)
$
(299
)
 
$
(522
)
 
$
(821
)
 
$
(22,281
)
 
$
(1,230
)
 
$
(23,511
)


The revisions did not impact previously reported basic or diluted earnings per share and had no impact on our previously reported cash flows.
There were no income tax impacts related to the error as the Company has full valuation allowances against its net deferred tax assets in the related jurisdictions and was not subject to income taxes payable in the related periods.