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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:      
Net income for the year $ 10,987 $ 14,810 $ 13,952
Adjustments to reconcile net income to net cash provided by operating activities:      
Current income taxes 5,239 6,729 4,302
Deferred income taxes 4,590 3,086 (1,766)
Gain on disposal of property and equipment (270) (43) (98)
Depreciation 16,149 12,492 11,693
Amortization of intangible assets 3,823 3,876 3,831
Amortization of deferred commissions 3,486 2,217 0
Impairment of long-lived assets 6 62 199
Net interest income (67) (233) (385)
Stock based compensation expense 660 511 797
Net foreign exchange loss/(gain) 610 (28) 390
Change in allowance for doubtful accounts 3,941 2,098 1,858
Write-down of inventory to net realizable value 339 299 715
Net accrued expenses and other liabilities raised 3,016 1,900 1,441
Other non-cash items (210) (253) (30)
Changes in operating assets and liabilities:      
Inventories (74) 986 (3,564)
Accounts receivables (7,309) (3,615) (5,982)
Prepaid expenses and other current assets (45) (378) (884)
Accounts payables 3,419 432 (184)
Accrued expenses and other liabilities (7,662) (3,261) 2,432
Deferred commissions (3,677) (2,311) 0
Foreign currency translation adjustments on operating assets and liabilities (3,478) (2,434) 1,904
Interest received 683 882 660
Interest paid (204) (206) (287)
Income tax paid (5,774) (6,163) (4,976)
Net cash provided by operating activities 28,178 31,455 26,018
Cash flows from investing activities:      
Acquisition of property and equipment (14,706) (14,607) (18,365)
Proceeds from the sale of property and equipment 1,294 162 338
Acquisition of intangible assets (5,666) (4,778) (6,503)
Loans to external parties (344) 0 0
Net cash used in investing activities (19,422) (19,223) (24,530)
Cash flows from financing activities:      
Proceeds from issuance of ordinary shares in relation to stock options and SARs exercised 0 1,002 825
Cash paid for ordinary shares repurchased (9,764) (5,349) (1,436)
Cash paid on dividends to MiX Telematics stockholders (5,999) (4,907) (4,094)
Movement in short-term debt 312 650 (23)
Payment to non-controlling interest 0 0 (104)
Net cash used in financing activities (15,451) (8,604) (4,832)
Net (decrease)/increase in cash and cash equivalents, and restricted cash (6,695) 3,628 (3,344)
Cash and cash equivalents, and restricted cash at the beginning of the year 27,838 27,834 29,007
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (2,491) (3,624) 2,171
Cash and cash equivalents, and restricted cash at the end of the year $ 18,652 $ 27,838 $ 27,834