Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities      
Net income [1] $ 16,870 $ 35,569 $ 54,884
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization [1] 81,073 57,452 7,114
Non-cash interest expense [1] 836 715 94
Loss on extinguishment of debt [1] 0 0 255
Stock-based compensation expense [1] 30,401 19,304 5,877
Foreign exchange transaction gain [1] (1,026) (2,062) 0
Change in fair value of contingent consideration [2] 0 41,087 15,751
Payment of contingent consideration in excess of amount capitalized at acquisition [1] 0 0 (15,751)
Right-of-use asset [1] 5,661 6,043 742
Deferred income taxes [1] (6,039) (3,981) (12,952)
(Increase) decrease in assets:      
Accounts receivable, gross [1] 83,893 (73,656) (25,378)
Allowance for credit losses [1] 3,328 1,097 1,424
Prepaid expenses and other current assets [1] 8,007 (3,204) (586)
Other non-current assets [1] (636) 283 0
Increase (decrease) in liabilities:      
Accounts payable [1] (48,831) 31,762 (1,897)
Accrued license fees and revenue share [1] (26,002) 14,566 26,408
Accrued compensation [1] (18,228) (43,907) 5,224
Other current liabilities [1] (10,044) 9,634 2,721
Other non-current liabilities [1] (5,887) (5,964) (1,135)
Net cash provided by operating activities [1] 113,376 84,738 62,795
Cash flows from investing activities      
Equity investments (8,499) [1] 0 [1] 0
Business acquisitions, net of cash acquired [1] (2,708) (148,722) (28,604)
Capital expenditures [1] (23,858) (23,280) (9,204)
Net cash used in investing activities [1] (35,065) (172,002) (37,808)
Cash flows from financing activities      
Payment of contingent consideration [1] 0 0 (16,956)
Proceeds from borrowings [1] 25,500 549,060 15,000
Payment of debt issuance costs [1] (99) (4,064) (469)
Payment of deferred business acquisition consideration [1] 0 (302,676) 0
Options and warrants exercised [1] 2,020 4,300 7,209
Payment of withholding taxes for net share settlement of equity awards [1] (6,709) (8,605) 0
Repayment of debt obligations [1] (149,000) (52,772) (20,000)
Net cash provided by (used in) financing activities [1] (128,288) 185,243 (15,216)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash [1] (1,627) (1,935) (312)
Net change in cash, cash equivalents, and restricted cash [1] (51,604) 96,044 9,459
Cash, cash equivalents, and restricted cash, beginning of period [1] 127,162 31,118 21,659
Cash, cash equivalents, and restricted cash, end of period [1] 75,558 127,162 31,118
Supplemental disclosure of cash flow information      
Interest paid [1] 20,187 5,985 922
Income taxes paid [1] 5,658 1,715 927
Supplemental disclosure of non-cash activities      
Fair value of unpaid contingent consideration in connection with business acquisitions [1] 2,738 50,000 0
Fyber      
Supplemental disclosure of non-cash activities      
Common stock issued for the acquisition of Fyber [1] 50,000 356,686 0
Unpaid cash consideration for the acquisition of Fyber Minority Interest [1] $ 0 $ 2,578 $ 0
[1] In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3—Acquisitions, in the accompanying consolidated financial statements.
[2] In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3—Acquisitions, in the accompanying consolidated financial statements.