Inventory

Inventory at March 31, 2017 and March 31, 2016 consisted of the following (in thousands):



	March 31, 2017		March 31, 2016
Raw materials	$	4,263	$	9,665
Work-in-process	426		3,411
Finished goods	8,016		3,215
Deferred program costs	4,757		2,221
Net inventory	$	17,462	$	18,512

The Company recorded inventory write-downs of $1.6 million and $2.7 million for the fiscal years ended March 31, 2017 and 2016, respectively. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of March 31, 2017 and March 31, 2016 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized.