Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities      
Net (loss) income $ (420,448) $ 16,870 $ 35,569
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 83,858 81,073 57,452
Non-cash interest expense 102 836 715
Allowance for credit losses 3,202 3,328 1,097
Stock-based compensation expense 33,763 30,401 19,304
Foreign exchange transaction gain (101) (1,026) (2,062)
Change in fair value of contingent consideration (372) 0 41,087
Right-of-use asset 906 5,661 6,043
Deferred income taxes 6,900 (6,039) (3,981)
Impairment of goodwill 336,640 0 0
(Increase) decrease in assets:      
Accounts receivable, gross (19,251) 83,893 (73,656)
Prepaid expenses 688 49 (5,500)
Other current assets (6,287) 7,958 2,296
Other non-current assets (5,194) (636) 283
Increase (decrease) in liabilities:      
Accounts payable 40,190 (48,831) 31,762
Accrued revenue share (34,955) (26,002) 14,566
Accrued compensation (3,552) (18,228) (43,907)
Other current liabilities 14,335 (10,044) 9,634
Other non-current liabilities (1,747) (5,887) (5,964)
Net cash provided by operating activities 28,677 113,376 84,738
Cash flows from investing activities      
Equity investments (19,634) (8,499) 0
Purchase price adjustment related to business acquisition 65 (2,708) (148,722)
Capital expenditures (24,279) (23,858) (23,280)
Net cash used in investing activities (43,848) (35,065) (172,002)
Cash flows from financing activities      
Proceeds from borrowings 50,000 25,500 549,060
Payment of debt issuance costs 0 (99) (4,064)
Payment of deferred business acquisition consideration 0 0 (302,676)
Repayment of debt obligations (77,134) (149,000) (52,772)
Acquisition of non-controlling interest in consolidated subsidiaries (3,751) 0 0
Payment of withholding taxes for net share settlement of equity awards (1,286) (6,709) (8,605)
Options exercised 2,871 2,020 4,300
Net cash provided by (used in) financing activities (29,300) (128,288) 185,243
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,518 (1,627) (1,935)
Net change in cash, cash equivalents, and restricted cash (41,953) (51,604) 96,044
Cash, cash equivalents, and restricted cash, beginning of period 75,558 127,162 31,118
Cash, cash equivalents, and restricted cash, end of period 33,605 75,558 127,162
Supplemental disclosure of cash flow information      
Interest paid 30,716 20,187 5,985
Income taxes paid 1,529 5,658 1,715
Supplemental disclosure of non-cash activities      
Assets acquired not yet paid 546 445 538
Right-of-use assets acquired under operating leases 2,683 0 544
Fair value of unpaid contingent consideration in connection with business acquisitions 2,366 2,738 50,000
Fyber      
Supplemental disclosure of non-cash activities      
Common stock issued for the acquisition of Fyber 0 50,000 356,686
Unpaid cash consideration for the acquisition of Fyber Minority Interest $ 0 $ 0 $ 2,578