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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 income $ (34,341) $ 6,091 $ 26,134
Adjustments to reconcile net income to net cash (used in)      
Depreciation 1,369 1,327 1,190
Amortization of intangible assets 653 227 290
Stock-based compensation 1,612 813 753
Amortization of debt issue costs 73 62 157
Loss on debt extinguishment 0 0 90
Deferred income tax benefit 17,881 1,980 (19,860)
(Gain) loss on sale of property and equipment 27 (77) 1
Provision for inventory reserves 628 623 275
Provision for bad debts 65 10 0
Other 96 26 106
Changes in operating assets and liabilities:      
Accounts receivable (586) 4,407 (2,384)
Revenue earned but not billed 1,426 851 (2,370)
Inventories 1,879 (420) (5,322)
Prepaid expenses and other assets 2,017 (888) (396)
Accounts payable 2,372 (8,125) (2,637)
Accrued expenses and other liabilities 2,209 (6,933) 5,797
Deferred revenue, current and long-term 329 (87) (95)
Net cash (used in) provided by operating activities (2,291) (113) 1,729
Investing activities      
Cash to fund acquisition, net of cash received (5,600) (4,012) 0
Cash paid for investment 0 (500) 0
Purchase of property and equipment (586) (518) (902)
Additions to patents and licenses (9) (10) (51)
Proceeds from sales of property, plant and equipment 0 122 7
Net cash used in investing activities (6,195) (4,918) (946)
Financing activities      
Payment of long-term debt (15) (14) (35)
Proceeds from revolving credit facility 10,000 0 8,000
Payment of revolving credit facility 0 0 (18,013)
Payments to settle employee tax withholdings on stock-based compensation (2) (5) (84)
Debt issue costs (29) (4) (245)
Net proceeds from employee equity exercises 58 127 236
Net cash provided by (used in) financing activities 10,012 104 (10,141)
Net (decrease) increase in cash and cash equivalents 1,526 (4,927) (9,358)
Cash and cash equivalents at beginning of period 14,466 19,393 28,751
Cash and cash equivalents at end of period 15,992 14,466 19,393
Supplemental cash flow information:      
Cash paid for interest (346) (68) (118)
Cash paid for income taxes (87) (203) (175)
Supplemental disclosure of non-cash investing and financing activities:      
Operating lease assets obtained in exchange for new operating lease liabilities 0 0 355
Issuance of common stock in connection with acquisition $ 800 $ 0 $ 0