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Segments
12 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments

20. SEGMENTS

The Company reports financial performance based on the following two reportable segments: Systems & Support and Interiors. The Company’s reportable segments are aligned with how the business is managed, and the Company's views of the markets it serves. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, consideration payable to customer related to divestiture, depreciation and amortization, and pension (“Adjusted EBITDAP”) as a primary measure of segment profitability to evaluate the performance of its segments and allocate resources.

Segment Adjusted EBITDAP is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments.

The Company does not accumulate net sales information by product or service or groups of similar products and services, and therefore the Company does not disclose net sales by product or service because to do so would be impracticable.

Selected financial information for each reportable segment is as follows:

 

 

Year Ended March 31, 2024

 

 

 

Total

 

 

Corporate &
Eliminations

 

 

Systems &
Support

 

 

Interiors

 

 

Discontinued Operations

 

Net sales to external customers

 

$

1,192,043

 

 

$

 

 

$

1,027,630

 

 

$

164,413

 

 

$

 

Intersegment sales (eliminated in consolidation)

 

 

 

 

 

(822

)

 

 

795

 

 

 

27

 

 

 

 

Segment profit and reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Adjusted EBITDAP

 

 

195,074

 

 

 

 

 

 

200,074

 

 

 

(5,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit to loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(29,625

)

 

 

(1,847

)

 

 

(25,273

)

 

 

(2,505

)

 

 

 

Interest expense and other, net

 

 

(123,021

)

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(52,725

)

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

(9,445

)

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sale of assets and businesses

 

 

(12,208

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired contract liabilities

 

 

2,721

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-service defined benefit income

 

 

2,372

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal judgment loss

 

 

(7,338

)

 

 

 

 

 

 

 

 

 

 

 

 

Debt modification and extinguishment loss

 

 

(1,694

)

 

 

 

 

 

 

 

 

 

 

 

 

Warrant remeasurement gain, net

 

 

8,545

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations before income taxes

 

 

(27,344

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures

 

$

21,827

 

 

$

2,089

 

 

$

15,990

 

 

$

1,928

 

 

$

1,820

 

Total assets

 

$

1,686,270

 

 

$

361,348

 

 

$

1,224,895

 

 

$

100,027

 

 

$

 

 

 

 

 

Year Ended March 31, 2023

 

 

 

Total

 

 

Corporate &
Eliminations

 

 

Systems &
Support

 

 

Interiors

 

 

Discontinued Operations

 

Net sales to external customers

 

$

1,130,562

 

 

$

 

 

$

918,960

 

 

$

211,602

 

 

$

 

Intersegment sales (eliminated in consolidation)

 

 

 

 

 

(436

)

 

 

391

 

 

 

45

 

 

 

 

Segment profit and reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Adjusted EBITDAP

 

 

204,352

 

 

 

 

 

 

172,415

 

 

 

31,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit to before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(32,259

)

 

 

(2,116

)

 

 

(26,460

)

 

 

(3,683

)

 

 

 

Interest expense and other, net

 

 

(115,211

)

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(54,333

)

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

(8,913

)

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of assets and businesses

 

 

101,523

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired contract liabilities

 

 

2,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-service defined benefit income

 

 

19,664

 

 

 

 

 

 

 

 

 

 

 

 

 

Consideration payable to customer related to divestiture

 

 

(17,185

)

 

 

 

 

 

 

 

 

 

 

 

 

Debt extinguishment loss

 

 

(33,044

)

 

 

 

 

 

 

 

 

 

 

 

 

Warrant remeasurement gain, net

 

 

8,683

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

 

75,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures

 

$

20,676

 

 

$

1,114

 

 

$

15,154

 

 

$

1,514

 

 

$

2,894

 

Total assets

 

$

1,714,844

 

 

$

191,635

 

 

$

1,217,449

 

 

$

134,998

 

 

$

170,762

 

 

 

 

Year Ended March 31, 2022

 

 

 

Total

 

 

Corporate &
Eliminations

 

 

Systems &
Support

 

 

Interiors

 

 

Discontinued Operations

 

Net sales to external customers

 

$

1,262,704

 

 

$

 

 

$

833,175

 

 

$

429,529

 

 

$

 

Intersegment sales (eliminated in consolidation)

 

 

 

 

 

(473

)

 

 

455

 

 

 

18

 

 

 

 

Segment profit and reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Adjusted EBITDAP

 

 

185,336

 

 

 

 

 

 

155,132

 

 

 

30,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit to before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(45,509

)

 

 

(3,245

)

 

 

(28,338

)

 

 

(13,926

)

 

 

 

Interest expense and other, net

 

 

(113,080

)

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

(50,834

)

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

(9,782

)

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sale of assets and businesses

 

 

(9,294

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired contract liabilities

 

 

5,871

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-service defined benefit income

 

 

5,373

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of long-lived assets

 

 

(2,308

)

 

 

 

 

 

 

 

 

 

 

 

 

Debt extinguishment loss

 

 

(11,624

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

 

(45,851

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures

 

$

19,660

 

 

$

711

 

 

$

14,105

 

 

$

3,233

 

 

$

1,611

 

During fiscal years ended March 31, 2024, 2023, and 2022, the Company had foreign sales of $284,069, $231,162, and $251,695, respectively. The Company reports as foreign sales those sales with delivery points outside of the United States. As of

March 31, 2024 and 2023, the Company's continuing operations had tangible long-lived assets of approximately $30,358 and $42,495, respectively, principally comprising property, plant, and equipment.