• Filing Date: 2020-06-24
  • Form Type: 10-K
  • Description: Annual report
v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Operating activities:      
Net income (loss) $ (5,210) $ (42,797) $ (43,346)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 4,287 4,266 4,970
Amortization of debt issuance costs 4,017 2,825 1,537
Paid-in-kind interest 1,858 0 0
Provision for manufacturing and service inventories 6,255 8,851 8,146
Tax benefit from settlement and Tax Reform Act 0 0 (3,952)
Stock-based compensation 6,748 3,409 5,394
Deferred income taxes 458 2,356 69
Bad debt expense 1,221 315 295
Unrealized foreign exchange (gain) loss 128 (224) 1,437
Non-cash loss on debt extinguishment 0 17,851 6,962
(Gain) loss on investment 0 (2,729) 118
Other non-cash 0 1,795 566
Changes in assets and liabilities, net of effect of acquisition:      
Accounts receivable 15,237 8,054 6,510
Manufacturing inventories (11,092) 13,054 (2,613)
Service parts inventories (3,817) (3,506) (6,760)
Accounts payable (768) (25,356) 21,647
Deferred revenue (11,334) (8,367) 4,228
Accrued restructuring charges (2,876) (2,943) (463)
Accrued compensation (2,161) (2,342) (4,330)
Other assets and liabilities (4,132) 8,629 (5,447)
Net cash used in operating activities (1,181) (16,859) (5,032)
Cash flows from investing activities:      
Purchases of property and equipment (2,633) (2,708) (2,584)
Cash distributions from investments 0 2,943 288
Business acquisition (1,966) 0 0
Net cash provided by (used in) investing activities (4,599) 235 (2,296)
Cash flows from financing activities:      
Borrowings of long-term debt and credit facility 331,632 507,707 367,755
Repayments of long-term debt and credit facility (330,250) (491,143) (316,053)
Repayments of convertible subordinated debt 0 0 (62,827)
Payment of taxes due upon vesting of restricted stock (171) (354) (1,822)
Proceeds from issuance of common stock 0 0 1,715
Net cash provided by (used in) financing activities 1,211 16,210 (11,232)
Effect of exchange rate changes on cash and cash equivalents (16) 62 (145)
Net change in cash, cash equivalents and restricted cash (4,585) (352) (18,705)
Cash and cash equivalents at beginning of period 16,855 17,207 35,912
Cash and cash equivalents at end of period 12,270 16,855 17,207
Supplemental disclosure of cash flow information:      
Cash paid for interest 16,488 17,677 10,244
Cash paid for income taxes, net of refunds (490) 68 1,455
Non-cash transactions      
Purchases of property and equipment included in accounts payable 368 105 173
Transfer of inventory to property and equipment 400 408 1,036
Payment of litigation settlements with insurance proceeds 8,950 0 0
Reconciliation of Cash, Cash Equivalents, and Restricted Cash at Carrying Value [Abstract]      
Total cash, cash equivalents and restricted cash at the end of period $ 12,270 $ 16,855 $ 17,207