Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Operating activities      
Net loss $ (32,280) $ (35,459) $ (5,210)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 9,418 5,697 4,287
Amortization of debt issuance costs 2,414 6,301 4,017
Long-term debt related costs 8,471 167 0
Paid-in-kind interest 0 0 1,858
Provision for manufacturing and service inventories 5,740 6,334 6,255
Gain on PPP loan extinguishment (10,000) 0 0
Stock-based compensation 13,829 9,624 6,748
Non-cash income tax benefit 0 (577) 0
Non-cash loss on debt extinguishment 0 10,087 0
Other non-cash (832) 704 1,807
Changes in assets and liabilities, net of effect of acquisitions:      
Accounts receivable 3,651 (1,625) 15,237
Manufacturing inventories (12,069) 924 (11,092)
Service parts inventories (4,400) (5,879) (3,817)
Accounts payable (1,939) (1,994) (768)
Deferred revenue (2,514) 418 (11,334)
Accrued restructuring charges (580) 580 (2,876)
Accrued compensation (3,073) 4,257 (2,161)
Prepaid expenses and other assets (6,561) 2,215 979
Other liabilities (3,003) (2,541) (5,111)
Net cash used in operating activities (33,728) (767) (1,181)
Investing activities      
Purchases of property and equipment (6,316) (6,931) (2,633)
Business acquisitions (7,808) (2,655) (1,966)
Net cash provided by (used in) investing activities (14,124) (9,586) (4,599)
Financing activities      
Borrowings of long-term debt 94,961 19,400 0
Repayments of long-term debt (94,301) (92,782) (1,238)
Borrowings of credit facility 309,000 309,920 331,632
Repayments of credit facility (291,265) (313,065) (329,012)
Borrowings of paycheck protection program 0 10,000 0
Proceeds from secondary offering, net 0 96,756 0
Payment of taxes due upon vesting of restricted stock 0 (236) (171)
Proceeds from issuance of common stock 1,762 1,335 0
Net cash provided by financing activities 20,157 31,328 1,211
Effect of exchange rate changes on cash and cash equivalents 51 (108) (16)
Net change in cash, cash equivalents, and restricted cash (27,644) 20,867 (4,585)
Cash, cash equivalents, and restricted cash at beginning of period 33,137 12,270 16,855
Cash, cash equivalents, and restricted cash at end of period 5,493 33,137 12,270
Supplemental disclosure of cash flow information      
Cash paid for interest 9,140 24,324 16,488
Cash paid for income taxes, net of refunds 944 (2,283) (490)
Non-cash transactions      
Transfer of property and equipment to manufacturing inventory 818 429 400
Payment of litigation settlements with insurance proceeds 0 0 8,950
Accounts Payable      
Non-cash transactions      
Purchases of property and equipment 147 258 368
Accrued Liabilities      
Non-cash transactions      
Purchases of property and equipment $ 0 $ 1,212 $ 0