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, 2023
Mar. 31, 2022
Mar. 31, 2021
Operating activities      
Net loss $ (37,943) $ (32,280) $ (35,459)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 10,118 9,418 5,697
Amortization of debt issuance costs 1,624 2,414 6,301
Long-term debt related costs 992 8,471 167
Provision for manufacturing and service inventories 18,052 5,740 6,334
Gain on PPP loan extinguishment 0 (10,000) 0
Stock-based compensation 10,750 13,829 9,624
Non-cash income tax benefit 0 0 (577)
Non-cash loss on debt extinguishment 0 0 10,087
Other non-cash (2,067) (832) 704
Changes in assets and liabilities, net of effect of acquisitions:      
Accounts receivable (2,966) 3,651 (1,625)
Manufacturing inventories (1,839) (12,069) 924
Service parts inventories (3,503) (4,400) (5,879)
Accounts payable 1,158 (1,939) (1,994)
Prepaid expenses 3,695 (3,959) (594)
Deferred revenue (2,286) (2,514) 418
Accrued restructuring charges 0 (580) 580
Accrued compensation (431) (3,073) 4,257
Other assets (1,270) (2,602) 2,809
Other liabilities 1,022 (3,003) (2,541)
Net cash used in operating activities (4,894) (33,728) (767)
Investing activities      
Purchases of property and equipment (12,581) (6,316) (6,931)
Business acquisitions (3,020) (7,808) (2,655)
Net cash used in investing activities (15,601) (14,124) (9,586)
Financing activities      
Borrowings of long-term debt, net of debt issuance costs 0 94,961 19,400
Repayments of long-term debt (24,596) (94,301) (92,782)
Borrowings of credit facility 497,280 309,000 309,920
Repayments of credit facility (498,665) (291,265) (313,065)
Borrowings of paycheck protection program 0 0 10,000
Proceeds from secondary offering, net 0 0 96,756
Payment of taxes due upon vesting of restricted stock 0 0 (236)
Proceeds from issuance of common stock 67,146 1,762 1,335
Net cash provided by financing activities 41,165 20,157 31,328
Effect of exchange rate changes on cash and cash equivalents 12 51 (108)
Net change in cash, cash equivalents, and restricted cash 20,682 (27,644) 20,867
Cash, cash equivalents, and restricted cash at beginning of period 5,493 33,137 12,270
Cash, cash equivalents, and restricted cash at end of period 26,175 5,493 33,137
Supplemental disclosure of cash flow information      
Cash paid for interest 8,701 9,140 24,324
Cash paid for income taxes, net of refunds 1,418 944 (2,283)
Non-cash transactions      
Purchases of property and equipment included in accounts payable 1,049 147 258
Paid-in-kind interest 319 0 0
Deemed dividend 389 0 0
Transfer of manufacturing inventory to services inventory      
Non-cash transactions      
Transfer of manufacturing inventory 4,045 211 918
Transfer of manufacturing inventory to property and equipment      
Non-cash transactions      
Transfer of manufacturing inventory $ 343 $ 818 $ 429