Inventory

Inventory, net of reserves, at June 30, 2018 and March 31, 2018 consisted of the following (in thousands):



	June 30, 2018		March 31, 2018
Raw materials	$	6,316	$	7,526
Work-in-process	1,327		920
Finished goods	8,633		8,767
Deferred program costs	2,077		2,567
Net inventory	$	18,353	$	19,780

The Company recorded inventory write-downs of $0.1 million and $0.3 million for the three months ended June 30, 2018 and 2017, respectively. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of June 30, 2018 and March 31, 2018 primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.