Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | May 21, 2021 | Sep. 30, 2020 | |
Document and Entity Information [Line Items] | |||
Entity Registrant Name | ORION ENERGY SYSTEMS, INC. | ||
Entity Central Index Key | 0001409375 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Public Float | $ 189,240,242 | ||
Entity Common Stock, Shares Outstanding | 30,806,390 | ||
Entity File Number | 001-33887 | ||
Entity Tax Identification Number | 39-1847269 | ||
Entity Address, Address Line One | 2210 Woodland Drive | ||
Entity Address, City or Town | Manitowoc | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 54220 | ||
City Area Code | 920 | ||
Local Phone Number | 892-9340 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | WI | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement for the 2021 Annual Meeting of Shareholders to be held on August 5, 2021 are incorporated herein by reference in Part III of this Annual Report on Form 10-K. | ||
Common stock, no par value | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, no par value | ||
Trading Symbol | OESX | ||
Security Exchange Name | NASDAQ | ||
Common stock purchase rights | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock purchase rights | ||
Security Exchange Name | NASDAQ | ||
No Trading Symbol Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 19,393,000 | $ 28,751,000 |
Accounts receivable, net | 13,572,000 | 10,427,000 |
Revenue earned but not billed | 2,930,000 | 560,000 |
Inventories, net | 19,554,000 | 14,507,000 |
Prepaid expenses and other current assets | 1,082,000 | 723,000 |
Total current assets | 56,531,000 | 54,968,000 |
Property and equipment, net | 11,369,000 | 11,817,000 |
Other intangible assets, net | 1,952,000 | 2,216,000 |
Deferred tax assets | 19,785,000 | |
Long-term accounts receivable | 0 | 760,000 |
Other long-term assets | 3,184,000 | 2,802,000 |
Total assets | 92,821,000 | 72,563,000 |
Liabilities and Shareholders’ Equity | ||
Accounts payable | 17,045,000 | 19,834,000 |
Accrued expenses and other | 13,226,000 | 7,228,000 |
Deferred revenue, current | 87,000 | 107,000 |
Current maturities of long-term debt | 14,000 | 35,000 |
Total current liabilities | 30,372,000 | 27,204,000 |
Revolving credit facility | 10,013,000 | |
Long-term debt, less current maturities | 35,000 | 50,000 |
Deferred revenue, long-term | 640,000 | 715,000 |
Other long-term liabilities | 3,700,000 | 3,546,000 |
Total liabilities | 34,747,000 | 41,528,000 |
Commitments and contingencies (Note 15) | ||
Shareholders’ equity: | ||
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 shares at March 31, 2021 and 2020; no shares issued and outstanding at March 31, 2021 and 2020 | 0 | 0 |
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2021 and 2020; shares issued: 40,279,050 and 39,729,569 at March 31, 2021 and 2020; shares outstanding: 30,805,300 and 30,265,997 at March 31, 2021 and 2020 | 0 | 0 |
Additional paid-in capital | 157,485,000 | 156,503,000 |
Treasury stock: 9,473,750 and 9,463,572 common shares at March 31, 2021 and 2020 | (36,240,000) | (36,163,000) |
Retained deficit | (63,171,000) | (89,305,000) |
Total shareholders’ equity | 58,074,000 | 31,035,000 |
Total liabilities and shareholders’ equity | $ 92,821,000 | $ 72,563,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (USD per share) | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 40,279,050 | 39,729,569 |
Common stock, shares outstanding (in shares) | 30,805,300 | 30,265,997 |
Treasury stock (in shares) | 9,473,750 | 9,463,572 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 116,840 | $ 150,841 | $ 65,754 |
Cost of revenue | 86,716 | 113,718 | 51,202 |
Gross profit | 30,124 | 37,123 | 14,552 |
Operating expenses: | |||
General and administrative | 11,262 | 11,184 | 10,231 |
Sales and marketing | 10,341 | 11,113 | 9,104 |
Research and development | 1,685 | 1,716 | 1,374 |
Total operating expenses | 23,288 | 24,013 | 20,709 |
Income (loss) from operations | 6,836 | 13,110 | (6,157) |
Other income (expense): | |||
Other income | 56 | 28 | 80 |
Interest expense | (127) | (279) | (493) |
Amortization of debt issue costs | (157) | (243) | (101) |
Loss on debt extinguishment | (90) | ||
Interest income | 5 | 11 | |
Total other expense | (318) | (489) | (503) |
Income (loss) before income tax | 6,518 | 12,621 | (6,660) |
Income tax (benefit) expense | (19,616) | 159 | 14 |
Net income (loss) | $ 26,134 | $ 12,462 | $ (6,674) |
Basic net income (loss) per share attributable to common shareholders | $ 0.85 | $ 0.41 | $ (0.23) |
Weighted-average common shares outstanding | 30,634,553 | 30,104,552 | 29,429,540 |
Diluted net income (loss) per share | $ 0.83 | $ 0.40 | $ (0.23) |
Weighted-average common shares and share equivalents outstanding | 31,303,727 | 30,964,777 | 29,429,540 |
Product revenue | |||
Revenues | $ 87,664 | $ 113,352 | $ 56,261 |
Cost of revenue | 63,233 | 83,588 | 44,111 |
Service revenue | |||
Revenues | 29,176 | 37,489 | 9,493 |
Cost of revenue | $ 23,483 | $ 30,130 | $ 7,091 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect Period Of Adoption Adjustment | Common Stock, Shares | Common Stock, Additional Paid-in Capital | Treasury Stock | Retained Earnings (Deficit) | Retained Earnings (Deficit)Cumulative Effect Period Of Adoption Adjustment |
Shareholders' equity, beginning of period at Mar. 31, 2018 | $ 23,424 | $ 401 | $ 155,003 | $ (36,085) | $ (95,494) | $ 401 | |
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2018 | 28,953,183 | ||||||
Shares issued under Employee Stock Purchase Plan | 4 | 4 | |||||
Shares issued under Employee Stock Purchase Plan (shares) | 4,642 | ||||||
Stock-based compensation | 825 | 825 | |||||
Stock-based compensation (shares) | 653,394 | ||||||
Employee tax withholdings on stock-based compensation | $ (10) | (10) | |||||
Employee tax withholdings on stock-based compensation (shares) | (11,061) | ||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201409Member | ||||||
Net income (loss) | $ (6,674) | (6,674) | |||||
Shareholders' equity, end of period at Mar. 31, 2019 | 17,970 | 155,828 | (36,091) | (101,767) | |||
Shareholders' equity, at end of period (shares) at Mar. 31, 2019 | 29,600,158 | ||||||
Exercise of stock options and warrants for cash | 57 | 57 | |||||
Exercise of stock options and warrants for cash (shares) | 22,362 | ||||||
Shares issued under Employee Stock Purchase Plan | $ 7 | 7 | |||||
Shares issued under Employee Stock Purchase Plan (shares) | 2,361 | 2,361 | |||||
Stock-based compensation | $ 618 | 618 | |||||
Stock-based compensation (shares) | 669,238 | ||||||
Employee tax withholdings on stock-based compensation | (79) | (79) | |||||
Employee tax withholdings on stock-based compensation (shares) | (28,122) | ||||||
Net income (loss) | 12,462 | 12,462 | |||||
Shareholders' equity, end of period at Mar. 31, 2020 | 31,035 | 156,503 | (36,163) | (89,305) | |||
Shareholders' equity, at end of period (shares) at Mar. 31, 2020 | 30,265,997 | ||||||
Exercise of stock options and warrants for cash | 229 | 229 | |||||
Exercise of stock options and warrants for cash (shares) | 99,000 | ||||||
Shares issued under Employee Stock Purchase Plan | $ 7 | 7 | |||||
Shares issued under Employee Stock Purchase Plan (shares) | 1,146 | 1,146 | |||||
Stock-based compensation | $ 753 | 753 | |||||
Stock-based compensation (shares) | 450,481 | ||||||
Employee tax withholdings on stock-based compensation | (84) | (84) | |||||
Employee tax withholdings on stock-based compensation (shares) | (11,324) | ||||||
Net income (loss) | 26,134 | 26,134 | |||||
Shareholders' equity, end of period at Mar. 31, 2021 | $ 58,074 | $ 157,485 | $ (36,240) | $ (63,171) | |||
Shareholders' equity, at end of period (shares) at Mar. 31, 2021 | 30,805,300 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | |||
Net income (loss) | $ 26,134 | $ 12,462 | $ (6,674) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 1,190 | 1,203 | 1,339 |
Amortization of intangible assets | 290 | 359 | 444 |
Stock-based compensation | 753 | 618 | 825 |
Amortization of debt issue costs | 157 | 243 | 101 |
Loss on debt extinguishment | 90 | ||
Deferred income tax benefit | (19,860) | 75 | 19 |
Loss on sale of property and equipment | 1 | 10 | |
Provision for inventory reserves | 275 | 205 | (202) |
Provision for bad debts | 56 | ||
Other | 106 | 57 | 57 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,384) | 3,616 | (5,840) |
Revenue earned but not billed | (2,370) | 3,186 | (1,390) |
Inventories | (5,322) | (1,319) | (4,689) |
Prepaid expenses and other assets | (396) | 66 | 68 |
Accounts payable | (2,637) | (79) | 8,916 |
Accrued expenses and other liabilities | 5,797 | (192) | 1,975 |
Deferred revenue, current and long-term | (95) | (92) | (44) |
Net cash provided by (used in) operating activities | 1,729 | 20,343 | (5,058) |
Investing activities | |||
Purchase of property and equipment | (902) | (814) | (381) |
Additions to patents and licenses | (51) | (131) | (68) |
Proceeds from sales of property, plant and equipment | 7 | 9 | |
Net cash used in investing activities | (946) | (936) | (449) |
Financing activities | |||
Payment of long-term debt | (35) | (92) | (80) |
Proceeds from revolving credit facility | 8,000 | 74,100 | 60,270 |
Payment of revolving credit facility | (18,013) | (73,289) | (54,976) |
Payments to settle employee tax withholdings on stock-based compensation | (84) | (76) | (10) |
Debt issue costs | (245) | (91) | (396) |
Net proceeds from employee equity exercises | 236 | 63 | 4 |
Net cash (used in) provided by financing activities | (10,141) | 615 | 4,812 |
Net (decrease) increase in cash and cash equivalents | (9,358) | 20,022 | (695) |
Cash and cash equivalents at beginning of period | 28,751 | 8,729 | 9,424 |
Cash and cash equivalents at end of period | 19,393 | 28,751 | 8,729 |
Supplemental cash flow information: | |||
Cash paid for interest | (118) | (254) | (176) |
Cash (paid) received for income taxes | (175) | (28) | 12 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Purchase of property, plant and equipment by issuing a debt | $ 74 | ||
Operating lease assets obtained in exchange for new operating lease liabilities | $ 355 | $ 2,757 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 — DESCRIPTION OF BUSINESS Orion includes Orion Energy Systems, Inc., a Wisconsin corporation, and all consolidated subsidiaries. Orion is a developer, manufacturer and seller of lighting and energy management systems to commercial and industrial businesses, and federal and local governments, predominantly in North America. Orion’s corporate offices and leased primary manufacturing operations are located in Manitowoc, Wisconsin. Orion also leases office space in Jacksonville, Florida. |
IMPACT OF COVID-19
IMPACT OF COVID-19 | 12 Months Ended |
Mar. 31, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
IMPACT OF COVID-19 | NOTE 2 — IMPACT OF COVID-19 The COVID-19 pandemic has disrupted business, trade, commerce, financial and credit markets, in the U.S. and globally. Orion’s business was adversely impacted by measures taken by government entities and others to control the spread of the virus beginning in March 2020, the last month of Orion’s fiscal 2020 year, and continuing most significantly into the second quarter of fiscal 2021. During the second half of fiscal 2021, Orion experienced a rebound in business. Project installations resumed for Orion’s largest customer and started installations for a new large specialty retail customer began, with no further significant COVID-19 impacts. However, some customers continue to refrain from awarding new projects and potential future risks remain due to the COVID-19 pandemic. As an essential business, Orion provides products and services to ensure energy and lighting infrastructure and Orion therefore has continued to operate throughout the pandemic. As part of Orion’s response to the impacts of the COVID-19 pandemic, during the fourth quarter of fiscal 2020 Orion implemented a number of cost reduction and cash conservation measures, including reducing headcount. While certain restrictions began to initially lessen in certain jurisdictions during fiscal 2021, stay-at-home, face mask or lockdown orders remain in effect in others, with employees asked to work remotely if possible. Some customers and projects are in areas where travel restrictions have been imposed, certain customers have either closed or reduced on-site activities, and timelines for the completion of several projects have been delayed, extended or terminated. These modifications to Orion’s business practices, including any future actions Orion takes, may cause Orion to experience reductions in productivity and disruptions to Orion’s business routines. In addition, Orion is required to make substantial working capital expenditures and advance inventory purchases that Orion may not be able to recoup if Orion’s customer agreements or a substantial volume of purchase orders under Orion’s customer agreements are delayed or terminated as a result of COVID-19. At this time, it is not possible to predict the overall impact the COVID-19 pandemic will have on Orion’s business, liquidity, capital resources or financial results, although the economic and regulatory impacts of COVID-19 significantly reduced Orion’s revenue and profitability in the first half of fiscal 2021. If the COVID-19 pandemic becomes more pronounced in Orion’s markets or experiences a resurgence in markets recovering from the spread of COVID-19, Orion’s operations in areas impacted by such events could experience further material adverse financial impacts due to market changes and other resulting events and circumstances. Due to the forecasted change in macroeconomic conditions due to the COVID-19 pandemic, as of March 31, 2020, a triggering event occurred requiring Orion to evaluate its long-lived assets for impairment. Orion performed the Step 1 recoverability test for the asset group, and the asset group was deemed recoverable. See Note 8 – Property and Equipment. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. Orion is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which was the period ended March 31, 2020. For the fiscal years ended March 31, 2021, and March 31, 2020, the CARES Act did not have a material impact on Orion’s consolidated financial statements. See Note 14 – Income Taxes. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence, allowance for doubtful accounts, accruals for warranty and loss contingencies, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Orion considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents. Fair Value of Financial Instruments Orion’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other, revolving credit facility and long-term debt. The carrying amounts of Orion’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term debt and revolving credit facility, because of the interest rates currently available to Orion for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimate of what market participants would use in valuing the asset or liability at the measurement date. Allowance for Doubtful Accounts Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for doubtful accounts based upon the aging of the underlying receivables, historical experience with write-offs and specific customer collection issues that have been identified. See Note 5 – Accounts Receivable for further discussion of the allowance for doubtful accounts. Incentive Plan Orion’s compensation committee approved an Executive Annual Cash Incentive Program. Based upon the results for the fiscal years ended March 31, 2021, 2020 and 2019, Orion accrued approximately $0.7 million, $0.8 million, and no expense related to this plan, respectively. Revenue Recognition Orion generates revenues primarily by selling commercial lighting fixtures and components and by installing these fixtures in its customer’s facilities. Orion recognizes revenue in accordance with the guidance in “Revenue from Contracts with Customers” (Topic 606) (“ASC 606”) when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration that management expects to receive in exchange for those goods or services. Prices are generally fixed at the time of order confirmation. The amount of expected consideration includes estimated deductions and early payment discounts calculated based on historical experience, customer rebates based on agreed upon terms applied to actual and projected sales levels over the rebate period, and any amounts paid to customers in conjunction with fulfilling a performance obligation. If there are multiple performance obligations in a single contract, the contract’s total transaction price is allocated to each individual performance obligation based on their relative standalone selling price. A performance obligation’s standalone selling price is the price at which Orion would sell such promised good or service separately to a customer. Orion uses an observable price to determine the stand-alone selling price for separate performance obligations or an expected cost-plus margin approach when one is not available. The expected cost-plus margin approach is used to determine the estimated stand-alone selling price for the installation performance obligation and is based on average historical installation margin. Revenue derived from customer contracts which include only performance obligation(s) for the sale of lighting fixtures and components is classified as Product revenue in the Consolidated Statements of Operations. The revenue for these transactions is recorded at the point in time when management believes that the customer obtains control of the products, generally either upon shipment or upon delivery to the customer’s facility. This point in time is determined separately for each contract and requires judgment by management of the contract terms and the specific facts and circumstances concerning the transaction. Revenue from a customer contract which includes both the sale of fixtures and the installation of such fixtures (which Orion refers to as a turnkey project) is allocated between each lighting fixture and the installation performance obligation based on relative standalone selling prices. Revenue from turnkey projects that is allocated to the sale of the lighting fixtures is recorded at the point in time when management believes the customer obtains control of the product(s) and is reflected in Product revenue. This point in time is determined separately for each customer contract based upon the terms of the contract and the nature and extent of Orion’s control of the light fixtures during the installation. Product revenue associated with turnkey projects can be recorded (a) upon shipment or delivery, (b) subsequent to shipment or delivery and upon customer payments for the light fixtures, (c) when an individual light fixture is installed and working correctly, or (d) when the customer acknowledges that the entire installation project is substantially complete. Determining the point in time when a customer obtains control of the lighting fixtures in a turnkey project can be a complex judgment and is applied separately for each individual light fixture included in a contract. In making this judgment, management considers the timing of various factors, including, but not limited to, those detailed below: • when there is a legal transfer of ownership; • when the customer obtains physical possession of the products; • when the customer starts to receive the benefit of the products; • the amount and duration of physical control that Orion maintains on the products after they are shipped to, and received at, the customer’s facility; • whether Orion is required to maintain insurance on the lighting fixtures when they are in transit and after they are delivered to the customer’s facility; • when each light fixture is physically installed and working correctly; • when the customer formally accepts the product; and • when Orion receives payment from the customer for the light fixtures. Revenue from turnkey projects that is allocated to the single installation performance obligation is reflected in Service revenue. Service revenue is recorded over-time as Orion fulfills its obligation to install the light fixtures. Orion measures its performance toward fulfilling its performance obligations for installations using an output method that calculates the number of light fixtures removed and installed as of the measurement date in comparison to the total number of light fixtures to be removed and installed under the contract. Orion offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of Orion’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at Orion’s net investment in the lease, which typically is the net present value of the future cash flows. Orion also records revenue in conjunction with several limited power purchase agreements (“PPAs”) still outstanding. Those PPAs are supply-side agreements for the generation of electricity. Orion’s last PPA expires in 2031. Revenue associated with the sale of energy generated by the solar facilities under these PPAs is within the scope of ASC 606. Revenues are recognized over-time and are equal to the amount billed to the customer, which is calculated by applying the fixed rate designated in the PPAs to the variable amount of electricity generated each month. This approach is in accordance with the “right to invoice” practical expedient provided for in ASC 606. Orion also recognizes revenue upon the sale to third parties of tax credits received from operating the solar facilities and from amortizing a grant received from the federal government during the period starting when the power generating facilities were constructed until the expiration of the PPAs; these revenues are not derived from contracts with customers and therefore not under the scope of ASC 606. See Note 11 – Accrued Expenses and Other for a discussion of Orion’s accounting for the warranty it provides to customers for its products and services. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and Handling Costs Orion records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue. Research and Development Orion expenses research and development costs as incurred. Amounts are included in the Statement of Operations on the line item Research and development. Income Taxes Orion recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2021, Orion decreased its full valuation allowance by $20.9 million against its deferred tax assets on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. ASC 740, Income Taxes Stock Based Compensation Orion’s share-based payments to employees are measured at fair value and are recognized against earnings, on a straight-line basis over the requisite service period. Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. As more fully described in Note 17 – Stock Options and Restricted Shares, Orion currently awards non-vested restricted stock (and in some cases, in conjunction with associated cash award accounted for as a liability) to employees, executive officers and directors. Orion has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future. Concentration of Credit Risk and Other Risks and Uncertainties Orion’s cash is deposited with three financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including ballasts, lamps and LED components, from multiple suppliers. For fiscal 2021, no supplier accounted for more than 10% of total cost of revenue. For fiscal 2020, one supplier accounted for 11.8% of total cost of revenue. For fiscal 2019, no supplier accounted for more than 10% of total cost of revenue. In fiscal 2021, one customer accounted for 56.0% of revenue. In fiscal 2020, one customer accounted for 74.1% of total revenue. In fiscal 2019, one customer accounted for 20.7% of total revenue. As of March 31, 2021, three customers accounted for 33.9%, 16.4% and 10.1% of accounts receivable, respectively, and as of March 31, 2020, two customers accounted for 37.3% and 13.0% of accounts receivable, respectively. Recent Accounting Pronouncements Issued: Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for Orion for fiscal years (and interim reporting periods within those years) beginning after December 15, 2022. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Orion is currently evaluating the impact of adoption of this standard on its consolidated statements of operations, cash flows, and the related footnote disclosures. Recently Adopted Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general rules of Topic 740. The provisions of ASU 2019-12 are effective for Orion in the current period. One provision applicable to Orion and relevant to recently filed financial statements relate to hybrid tax regimes. Hybrid tax regimes are those that impose the greater of two taxes – one based on income or one based on items other than income. The old guidance specified that if there is a tax based on income that is greater than a franchise tax based on capital, only that excess is subject to ASC 740. The new guidance states that an entity should include the amount of tax based on income in the tax provision and include any incremental amount recorded as a tax not based on income. The adoption of this ASU did not have a material impact on Orion’s consolidated financial statements. |
REVENUE
REVENUE | 12 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | Revenue Recognition See Note 3 – Summary of Significant Accounting Policies for a discussion of Orion’s accounting policies related to revenue recognition. Contract Fulfillment Costs Costs associated with product sales are accumulated in inventory as the fixtures are manufactured and are transferred to Cost of product revenue at the time revenue is recorded. See Note 6 – Inventories. Costs associated with installation sales are expensed as incurred. Disaggregation of Revenue Orion’s Product revenue includes revenue from contracts with customers accounted for under the scope of ASC 606 and revenue which is accounted for under other guidance. For fiscal year 2021, Product revenue included $2.8 million derived from sales-type leases for light fixtures, $0.1 million derived from the sale of tax credits generated from Orion’s legacy operation for distributing solar energy, and $0.1 million derived from the of federal grants in 2010 and 2011 as reimbursement for a portion of the costs to construct the legacy solar facilities which are not under the scope of ASC 606. All remaining Product revenue, and all Service revenue, are derived from contracts with customers as defined in ASC 606. The primary end-users of Orion’s lighting products and services are (a) the federal government, and (b) commercial or industrial companies. The federal government obtains Orion products and services primarily through turnkey project sales that Orion makes to a select group of contractors who focus on the federal government. Revenues associated with government end-users are primarily included in the Orion Engineered Systems Division segment. Commercial or industrial end-users obtain Orion products and services through turnkey project sales or by purchasing products either direct from Orion or through distributors or energy service companies ("ESCOs"). Revenues associated with commercial and industrial end-users are included within each of Orion’s segments, dependent on the sales channel. See Footnote 18 - Segment Data, for additional discussion concerning Orion’s reportable segments. The following table provides detail of Orion’s total revenues for the year ended March 31, 2021 (dollars in thousands): Year Ended March 31, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019 Product Services Total Product Services Total Product Services Total Revenue from contracts with customers: Lighting revenues, by end user Federal government $ 696 $ 965 $ 1,661 $ 922 $ 379 $ 1,301 $ 2,579 $ 642 $ 3,221 Commercial and industrial 83,963 28,211 112,174 110,742 37,110 147,852 49,963 8,851 58,814 Total lighting 84,659 29,176 113,835 111,664 37,489 149,153 52,542 9,493 62,035 Solar energy related revenues 57 — 57 56 — 56 57 — 57 Total revenues from contracts with customers 84,716 29,176 113,892 111,720 37,489 149,209 52,599 9,493 62,092 Revenue accounted for under other guidance 2,948 — 2,948 1,632 — 1,632 3,662 — 3,662 Total revenue $ 87,664 $ 29,176 $ 116,840 $ 113,352 $ 37,489 $ 150,841 $ 56,261 $ 9,493 $ 65,754 Cash Flow Considerations Customer payments for material only orders are due shortly after shipment. Turnkey projects where the end-user is a commercial or industrial company typically span between one week to three months. Customer payment requirements for these projects vary by contract. Some contracts provide for customer payments for products and services as they are delivered, other contracts specify that the customer will pay for the project in its entirety upon completion of the installation. Turnkey projects where the end-user is the federal government typically span a three to six-month period. The contracts for these sales often provide for monthly progress payments equal to ninety percent (90%) of the value provided by Orion during the month. Orion provides long-term financing to one customer who frequently engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments of the contract price, plus interest, over a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations. The portion of the transaction associated with the sale of the multiple individual light fixtures is accounted for as sales-type leases in accordance with the guidance for leases. Revenues associated with the sales-type leases are included in Product revenue and recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified. The payments associated with these transactions that are due during the twelve months subsequent to March 31, 2021 are included in Accounts receivable, net in Orion’s Consolidated Balance Sheets. The remaining amounts due that are associated with these transactions are included in Long-term accounts receivable in Orion’s Consolidated Balance Sheets. As of March 31, 2021, there were no such transactions included in Long-term accounts receivable. The customer’s monthly payment obligation commences after completion of the turnkey project. Orion generally sells the receivable from the customer to an independent financial institution either during, or shortly after completion of, the installation period. Upon execution of the receivables purchase / sales agreement, all amounts due from the customer are included in Revenues earned but not billed on Orion’s Consolidated Balance Sheets until cash is received from the financial institution. The financial institution releases funds to Orion based on the customer’s monthly acknowledgment of the progress Orion has achieved in fulfilling its installation obligation. Orion provides the progress certifications to the financial institution one month in arrears. The total amount received from the sales of these receivables during the twelve months ended March 31, 2021, 2020, and 2019 was $5.1 million, $4.4 million, and $6.9 million, respectively. Orion’s losses on these sales aggregated to $0.1 million, $0.1 million, and $0.3 million for the twelve months ended March 31, 2021, 2020, and 2019, respectively, and are included in Interest expense in the Consolidated Statements of Operations. Practical Expedients and Exemptions Orion expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Sales and marketing expense. There are no other capitalizable costs associated with obtaining contracts with customers. Orion’s performance obligations related to lighting fixtures typically do not exceed nine months in duration. As a result, Orion has elected the practical expedient that provides an exemption to the disclosure requirements regarding information about value assigned to remaining performance obligations on contracts that have original expected durations of one year or less. Orion also elected the practical expedient that permits companies to not disclose quantitative information about the future revenue when revenue is recognized as invoices are issued to customers for services performed. Other than the turnkey projects which result in sales-type leases discussed above, Orion generally receives full payment for satisfied performance obligations in less than one year. Accordingly, Orion does not adjust revenues for the impact of any potential significant financing component as permitted by the practical expedients provided in ASC 606. Contract Balances A receivable is recognized when Orion has an enforceable right to payment in accordance with contract terms and an invoice has been issued to the customer. Payment terms on invoiced amounts are typically 30 days from the invoice date. Revenue earned but not billed represents revenue that has been recognized in advance of billing the customer, which is a common practice in Orion turnkey contracts. Once Orion has an unconditional right to consideration under a turnkey contract, Orion typically bills the customer accordingly and reclassifies the amount to Accounts receivable, net. Revenue earned but not billed as of March 31, 2021 and March 31, 2020 includes $0.6 million and $39 thousand, respectively, which was not derived from contracts with customers and therefore not classified as a contract asset as defined by the new standards. Long term accounts receivable as of March 31, 2020, includes $0.6 million of contract assets related to the service portion of the long-term financing agreement provided one customer. Deferred revenue, current as of March 31, 2021, includes $11 thousand of contract liabilities which represented consideration received from customers prior to the point that Orion has fulfilled the promises included in a performance obligation and recorded revenue. Deferred revenue, long-term consists of the unamortized portion of the funds received from the federal government in 2010 and 2011 as reimbursement for the costs to build the two facilities related to the PPAs. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by the new standards. The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of March 31, 2021, and March 31, 2020, after the adoption of the new standards (dollars in thousands): March 31, 2021 March 31, 2020 Accounts receivable, net $ 13,572 $ 10,427 Contract assets $ 2,367 $ 1,082 Contract liabilities $ 11 $ 31 There were no significant changes in the contract assets outside of standard reclassifications to Accounts receivable, net upon billing. There were no significant changes to contract liabilities. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | NOTE 5 — ACCOUNTS RECEIVABLE Orion’s accounts receivable are due from companies in the commercial, governmental, industrial and agricultural industries, as well as wholesalers. Credit is extended based on an evaluation of a customer’s financial condition. Generally, collateral is not required for end users; however, the payment of certain trade accounts receivable from wholesalers is secured by irrevocable standby letters of credit and/or guarantees. Accounts receivable are generally due within 30-60 days. Accounts receivable are stated at the amount Orion expects to collect from outstanding balances. Orion provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance for doubtful accounts based on its assessment of the current status of individual accounts. Balances that are still outstanding after Orion has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. Orion's accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands): 2021 2020 Accounts receivable, gross $ 13,583 $ 10,455 Allowance for doubtful accounts (11 ) (28 ) Accounts receivable, net $ 13,572 $ 10,427 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 6 — INVENTORIES Inventories consist of raw materials and components, such as drivers, metal sheet and coil stock and molded parts; work in process inventories, such as frames and reflectors; and finished goods, including completed fixtures and systems, and accessories. All inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out (FIFO) method. Orion reduces the carrying value of its inventories for differences between the cost and estimated net realizable value, taking into consideration usage in the preceding 9 to 12 months, expected demand, and other information indicating obsolescence. Orion records, as a charge to cost of product revenue, the amount required to reduce the carrying value of inventory to net realizable value. As of March 31, 2021 and 2020, Orion's inventory balances were as follows (dollars in thousands): Cost Excess and Obsolescence Reserve Net As of March 31, 2021 Raw materials and components $ 12,410 $ (967 ) $ 11,443 Work in process 758 (356 ) 402 Finished goods 8,295 (586 ) 7,709 Total $ 21,463 $ (1,909 ) $ 19,554 As of March 31, 2020 Raw materials and components $ 9,639 $ (1,244 ) $ 8,395 Work in process 699 (305 ) 394 Finished goods 6,598 (880 ) 5,718 Total $ 16,936 $ (2,429 ) $ 14,507 Costs associated with the procurement and warehousing of inventories, such as inbound freight charges and purchasing and receiving costs, are also included in cost of product revenue. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Mar. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist primarily of prepaid subscription fees, prepaid insurance premiums, debt issue costs, and sales tax receivable. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 8 — PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Expenditures for additions and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. Properties and equipment sold, or otherwise disposed of, are removed from the property and equipment accounts, with gains or losses on disposal credited or charged to income from operations. Orion periodically reviews the carrying values of property and equipment for impairment in accordance with ASC 360, Property, Plant and Equipment, if events or changes in circumstances indicate that the assets may be impaired. The estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition are compared to the assets' carrying amount to determine if a write down to market value is required. As of March 31, 2020, due to the forecasted change in the macroeconomic conditions due to the COVID-19 pandemic, a triggering event occurred requiring Orion to evaluate its long-lived assets for impairment. Due to the central nature of its operations, Orion’s tangible and intangible definite-lived assets support its full operations, are utilized by all three of its reportable segments, and do not generate separately identifiable cash flows. As such, these assets together represent a single asset group. Orion performed the recoverability test for the asset group by comparing its carrying value to the group’s expected future undiscounted cash flows. Orion concluded that the undiscounted cash flows of the long-lived asset group exceeded its carrying value. As such the asset group was deemed recoverable and no impairment was recorded. Property and equipment were comprised of the following (dollars in thousands): March 31, 2021 March 31, 2020 Land and land improvements $ 433 $ 433 Buildings and building improvements 9,477 9,470 Furniture, fixtures and office equipment 7,372 7,270 Leasehold improvements 340 324 Equipment leased to customers 4,997 4,997 Plant equipment 12,451 12,021 Construction in progress 135 15 35,205 34,530 Less: accumulated depreciation and amortization (23,836 ) (22,713 ) Net property and equipment $ 11,369 $ 11,817 Depreciation is recognized over the estimated useful lives of the respective assets, using the straight-line method. Orion recorded depreciation expense of $1.2 million, $1.2 million and $1.3 million for the years ended March 31, 2021, 2020 and 2019, respectively. Depreciable lives by asset category are as follows: Land improvements 10-15 years Buildings and building improvements 10-39 years Furniture, fixtures and office equipment 2-10 years Leasehold improvements Shorter of asset life or life of lease Equipment leased to customers under Power Purchase Agreements 20 years Plant equipment 3-10 years No interest was capitalized for construction in progress during fiscal 2021 or fiscal 2020. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | NOTE 9 — LEASES From time to time, Orion leases assets from third parties. Orion also leases certain assets to third parties. Effective April 1, 2019, leases are accounted for, and reported upon, following the requirements of ASC 842, Leases. Whether it is the lessee or the lessor, Orion’s determination of whether a contract includes a lease, and assessing how the lease should be accounted for, is a matter of judgment based on whether the risks and rewards, as well as substantive control of the assets specified in the contract, have been transferred from the lessor to the lessee. The judgement considers matters such as whether the assets are transferred from the lessor to the lessee at the end of the contract, the term of the agreement in relation to the asset’s remaining economic useful life, and whether the assets are of such a specialized nature that the lessor will not have an alternative use for such assets at the termination of the agreement. Other matters requiring judgement are the lease term when the agreement includes renewal or termination options and the interest rate used when initially determining the ROU asset and lease liability. ROU assets represent Orion’s right to use an underlying asset for the lease term and lease liabilities represent Orion’s obligation to make lease payments arising from the lease. Under ASC 842, both finance and operating lease ROU assets and lease liabilities for leases with initial terms in excess of 12 months are recognized at the commencement date based on the present value of lease payments over the lease term. When available, Orion uses the implicit interest rate in the lease when completing this calculation. However, as most of Orion’s operating lease agreements generating ROU assets do not provide the implicit rate, Orion’s incremental borrowing rate under its line of credit, adjusted for differences in duration and the relative collateral value in relation to the payment obligation, at the commencement of the lease is generally used in this calculation. The lease term includes options to extend or renew the agreement, or for early termination of the agreement, when it is reasonably certain that Orion will exercise such option. ROU assets are depreciated using the straight-line method over the lease term. Orion recognizes lease expense for leases with an initial term of 12 months or less, referred to as short term leases, on a straight-line basis over the lease term. One of Orion’s frequent customers purchases products and installation services under agreements that provide for monthly payments, at a fixed monthly amount, of the contract price, plus interest, typically over a five-year period. While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. The portions of the transaction associated with the sale of the light fixtures is accounted for as a sales-type lease. The total transaction price in these contracts is allocated between the lease and non-lease components in the same manner as the total transaction price of other turnkey projects containing lighting fixtures and installation services. Orion leases portions of its corporate headquarters to third parties; all such agreements have been, and continue to be, classified as operating leases under the applicable authoritative accounting guidance. The assets being leased continue to be included in Property and equipment, net. Lease payments earned are recorded as a reduction in administrative expenses. Assets Orion Leases from Other Parties On January 31, 2020, Orion entered into the current lease for its approximately 266,000 square foot primary manufacturing and distribution facility in Manitowoc, WI. The lease has a 10-year term, with the option to terminate after six years. Orion is responsible for the costs of insurance and utilities for the facility. These costs are considered variable lease costs. The agreement is classified as an operating lease. The prior lease agreement for this facility provided the lessor the right to terminate the lease agreement at any time with 12 months’ notice to Orion. As a result, the agreement was previously classified as a short-term lease. In February 2014, Orion entered into a multi-year lease agreement for use of approximately 10,500 square feet of office space in a multi-use office building in Jacksonville, Florida. The lease has since been extended, most recently during the first quarter of fiscal 2021, and presently terminates on June 30, 2023. The agreement is classified as an operating lease. Orion has leased other assets from third parties, principally office and production equipment. The terms of our other leases vary from contract to contract and expire at various dates in the next five years. The weighted average discount rate for Orion’s lease obligations as of March 31, 2021 is 5.4%. The weighted average remaining lease term as of March 31, 2021 is 4.6 years. A summary of Orion’s assets leased from third parties follows (dollars in thousands): Balance sheet classification March 31, 2021 March 31, 2020 Assets Operating lease assets Other long-term assets $ 2,585 $ 2,745 Liabilities Current liabilities Operating lease liabilities Accrued expenses and other 647 691 Non-current liabilities Operating lease liabilities Other long-term liabilities 2,642 2,830 Total lease liabilities $ 3,289 $ 3,521 Orion had operating lease costs of $0.9 million for the year ended March 31, 2021. This includes short-term leases and variable lease costs, which are immaterial. The estimated maturity of lease liabilities for each of the next five years is shown below (dollars in thousands): Maturity of Lease Liabilities Operating Leases Fiscal 2022 $ 810 Fiscal 2023 820 Fiscal 2024 746 Fiscal 2025 735 Fiscal 2026 628 Total lease payments $ 3,739 Less: Interest (450 ) Present value of lease liabilities $ 3,289 Assets Orion Leases to Other Parties Orion provides long-term financing to one customer who frequently engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments, at a fixed monthly amount, of the contract price, plus interest, over typically a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations under ASC 606. While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. Therefore, the portions of the transaction associated with the sale of the multiple individual light fixtures is accounted for as a sales-type lease under ASC 842. Revenues, and production and acquisition costs, associated with sales-type leases are included in Product revenue and Costs of product revenues in the Consolidated Statement of Operations. These amounts are recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified. The execution of the acknowledgement is considered the commencement date as defined in ASC 842. The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the year ended March 31, 2021 and 2020 (dollars in thousands): March 31, 2021 March 31, 2020 Product revenue $ 2,758 $ 1,362 Cost of product revenue 2,512 1,208 The Consolidated Balance Sheet as of March 31, 2021 does not include a net investment in sales-type leases as all amounts due from the customer associated with lighting fixtures that were acknowledged to be installed and working correctly prior to period end were transferred to the financing institution prior to the respective balance sheet dates. The Consolidated Balance Sheet as of March 31, 2020 includes an immaterial amount related to the net investment in sales-type leases. Other Agreements where Orion is the Lessor Orion has leased unused portions of its corporate headquarters to third parties. The length and payment terms of the leases vary from contract to contract and, in some cases, include options for the tenants to extend the lease terms. Annual lease payments are recorded as a reduction in administrative operating expenses and were not material in the years ended March 31, 2021 and 2020. Orion accounts for these transactions as operating leases. |
OTHER INTANGIBLE ASSETS, NET
OTHER INTANGIBLE ASSETS, NET | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
OTHER INTANGIBLE ASSETS | NOTE 10 — OTHER INTANGIBLE ASSETS The costs of specifically identifiable intangible assets that do not have an indefinite life are amortized over their estimated useful lives. Intangible assets with indefinite lives are not amortized. Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: Patents 10-17 years Straight-line Licenses 7-13 years Straight-line Customer relationships 5-8 years Accelerated based upon the pattern of economic benefits consumed Developed technology 8 years Accelerated based upon the pattern of economic benefits consumed Intangible assets that have a definite life are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable based primarily upon whether expected future undiscounted cash flows are sufficient to support the asset recovery. If the actual useful life of the asset is shorter than the estimated life, the asset may be deemed to be impaired and accordingly a write-down of the value of the asset determined by a discounted cash flow analysis or shorter amortization period may be required. Indefinite lived intangible assets are evaluated for impairment at least annually on the first day of Orion’s fiscal fourth quarter, or when indications of potential impairment exist. This annual impairment review may begin with a qualitative test to determine whether it is more likely than not that an indefinite lived intangible asset's carrying value is greater than its fair value. If the qualitative assessment reveals that asset impairment is more likely than not, a quantitative impairment test is performed comparing the fair value of the indefinite lived intangible asset to its carrying value. Alternatively, the qualitative test may be bypassed and the quantitative impairment test may be immediately performed. If the fair value of the indefinite lived intangible asset exceeds its carrying value, the indefinite lived intangible asset is not impaired and no further review is performed. If the carrying value of the indefinite lived intangible asset exceeds its fair value, an impairment loss would be recognized in an amount equal to such excess. Once an impairment loss is recognized, the adjusted carrying value becomes the new accounting basis of the indefinite lived intangible asset. Orion performed a qualitative assessment in conjunction with its annual impairment test of its indefinite lived intangible assets as of January 1, 2021. This qualitative assessment considered Orion’s operating results for the first nine months of fiscal 2021 in comparison to prior years as well as its anticipated fourth quarter results and fiscal 2022 plan. As a result of the conditions that existed as of the assessment date, an asset impairment was not deemed to be more likely than not and a quantitative analysis was not required. The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands): March 31, 2021 March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 2,796 $ (1,875 ) $ 921 $ 2,766 $ (1,700 ) $ 1,066 Licenses 58 (58 ) — 58 (58 ) — Trade name and trademarks 1,011 — 1,011 1,014 — 1,014 Customer relationships 3,600 (3,591 ) 9 3,600 (3,545 ) 55 Developed technology 900 (889 ) 11 900 (819 ) 81 Total $ 8,365 $ (6,413 ) $ 1,952 $ 8,338 $ (6,122 ) $ 2,216 As of March 31, 2021, the weighted average useful life of definite life intangible assets was 3.75 years. The estimated amortization expense for each of the next five years is shown below (dollars in thousands): Fiscal 2022 $ 206 Fiscal 2023 115 Fiscal 2024 111 Fiscal 2025 100 Fiscal 2026 90 Thereafter 319 $ 941 Amortization expense is set forth in the following table (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Amortization included in cost of sales: Patents $ 175 $ 171 $ 171 Total $ 175 $ 171 $ 171 Amortization included in operating expenses: Customer relationships $ 47 $ 86 $ 133 Developed technology 68 102 135 Non-competition agreements — — 5 Total 115 188 273 Total amortization of intangible assets $ 290 $ 359 $ 444 Orion’s management periodically reviews the carrying value of patent applications and related costs. When a patent application is probable of being unsuccessful or a patent is no longer in use, Orion writes off the remaining carrying value as a charge to general and administrative expense within its Consolidated Statements of Operations. In fiscal years 2021, 2020, and 2019, write-offs were immaterial. |
ACCRUED EXPENSES AND OTHER
ACCRUED EXPENSES AND OTHER | 12 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
ACCRUED EXPENSES AND OTHER | NOTE 11 — ACCRUED EXPENSES AND OTHER As of March 31, 2021 and March 31, 2020, Accrued expenses and other included the following (dollars in thousands): March 31, 2021 March 31, 2020 Compensation and benefits $ 2,851 $ 2,594 Sales tax 1,318 513 Accrued project costs 5,010 1,173 Legal and professional fees 497 312 Warranty 705 708 Sales returns reserve 106 98 Credits due to customers 1,009 932 Other accruals 1,730 898 Total $ 13,226 $ 7,228 Orion generally offers a limited warranty of one to 10 years on its lighting products including the pass through of standard warranties offered by major original equipment component manufacturers. The manufacturers’ warranties cover lamps, ballasts, LED modules, LED chips, LED drivers, control devices, and other fixture related items, which are significant components in Orion's lighting products. Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands): March 31, 2021 2020 Beginning of year $ 1,069 $ 657 Accruals 644 863 Warranty claims (net of vendor reimbursements) (704 ) (451 ) Ending balance $ 1,009 $ 1,069 |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON SHARE | NOTE 12 — NET INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents. Diluted net income (loss) per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net income (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Because of the net loss for the year ended March 31, 2019 potentially dilutive securities would be anti-dilutive, and therefore diluted net income (loss) per common share is the same as basic net income (loss) per common share for the year ended March 31, 2019. Net income (loss) per common share is calculated based upon the following shares: Fiscal Year Ended March 31, 2021 2020 2019 Numerator: Net income (loss) (dollars in thousands) $ 26,134 $ 12,462 $ (6,674 ) Denominator: Weighted-average common shares outstanding 30,634,553 30,104,552 29,429,540 Weighted-average effect of assumed conversion of stock options and restricted stock 669,174 860,225 — Weighted-average common shares and share equivalents outstanding 31,303,727 30,964,777 29,429,540 Net income (loss) per common share: Basic $ 0.85 $ 0.41 $ (0.23 ) Diluted $ 0.83 $ 0.40 $ (0.23 ) The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net income (loss) per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period: March 31, 2021 2020 2019 Common stock options — 164,072 467,836 Restricted shares — — 1,312,593 Total — 164,072 1,780,429 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 13 — LONG-TERM DEBT Long-term debt as of March 31, 2021 and 2020 consisted of the following (dollars in thousands): March 31, 2021 2020 Revolving credit facility $ — $ 10,013 Equipment debt obligations 49 85 Total long-term debt 49 10,098 Less current maturities (14 ) (35 ) Long-term debt, less current maturities $ 35 $ 10,063 Revolving Credit Agreement On December 29, 2020, Orion entered into a new Loan and Security Agreement with Bank of America, N.A., as lender (the “Credit Agreement”). The Credit Agreement replaced Orion’s prior $20.15 million secured revolving credit and security agreement dated as of October 26, 2018, as amended, by and among Orion and Western Alliance Bank, National Association, as lender (the “Prior Credit Agreement”). The replacement of the Prior Credit Agreement with the Credit Agreement provides Orion with increased financing capacity and liquidity to fund its operations and implement its strategic plans. The Credit Agreement provides for a five-year $25.0 million revolving credit facility (the “Credit Facility”) that matures on December 29, 2025. Borrowings under the Credit Facility are subject to a borrowing base requirement based on eligible receivables, inventory and cash. As of March 31, 2021, the borrowing base supports the full availability of the Credit Facility. As of March 31, 2021, no amounts were borrowed under the Credit Facility. The Credit Agreement is secured by a first lien security interest in substantially all of Orion’s assets. Borrowings under the Credit Agreement are permitted in the form of LIBOR or prime rate-based loans and generally bear interest at floating rates plus an applicable margin determined by reference to Orion’s availability under the Credit Agreement. Among other fees, Orion is required to pay an annual facility fee of $15,000 and a fee of 25 basis points on the unused portion of the Credit Facility. The Credit Agreement includes a springing minimum fixed cost coverage ratio of 1.0 to 1.0 when excess availability under the Credit Facility falls below the greater of $3.0 million or 15% of the committed facility. Currently, the required springing minimum fixed cost coverage ratio is not required. The Credit Agreement also contains customary events of default and other covenants, including certain restrictions on Orion’s ability to incur additional indebtedness, consolidate or merge, enter into acquisitions, pay any dividend or distribution on Orion’s stock, redeem, retire or purchase shares of Orion’s stock, make investments or pledge or transfer assets. If an event of default under the Credit Agreement occurs and is continuing, then Bank of America, N.A. may cease making advances under the Credit Agreement and declare any outstanding obligations under the Credit Agreement to be immediately due and payable. In addition, if Orion becomes the subject of voluntary or involuntary proceedings under any bankruptcy or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable. Orion did not incur any early termination fees in connection with the termination of the Prior Credit Agreement, but did recognize a loss on debt extinguishment of $0.1 million on the write-off of unamortized debt issue costs related to the Prior Credit Agreement. The Prior Credit Agreement was scheduled to mature on October 26, 2021. As of March 31, 2021, Orion is in compliance with all debt covenants. Equipment Debt Obligation In February 2019, Orion entered into additional debt agreements with a financing company in the principal amount of $44 thousand and $30 thousand fund certain equipment. The debts are secured by the related equipment. The debts bear interest at a rate of 6.43% and 8.77% respectively and both debts mature in January 2024. Aggregate Maturities As of March 31, 2021, aggregate maturities of long-term debt were as follows (dollars in thousands): Fiscal 2022 $ 14 Fiscal 2023 14 Fiscal 2024 17 Fiscal 2025 4 $ 49 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14 — INCOME TAXES The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Current $ 244 $ 84 $ (5 ) Deferred (19,860 ) 75 19 Total $ (19,616 ) $ 159 $ 14 2021 2020 2019 Federal, Current $ — $ 17 $ (16 ) Federal, Deferred (16,217 ) $ 39 $ 19 Total Federal (16,217 ) 56 3 State, Current 244 67 11 State, Deferred (3,643 ) 36 — Total State (3,399 ) 103 11 Total $ (19,616 ) $ 159 $ 14 A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows: Fiscal Year Ended March 31, 2021 2020 2019 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net 3.7 % 6.5 % 5.6 % Federal tax credit — % — % (0.3 )% Change in valuation reserve (321.4 )% (25.0 )% (23.8 )% Permanent items (3.4 )% (1.0 )% (1.1 )% Change in tax contingency reserve (0.5 )% 0.2 % — % Federal refunds 0.0 % 0.0 % 0.3 % Equity compensation cancellations 0.6 % 0.2 % (1.0 )% Other, net (1.0 )% (0.6 )% (0.9 )% Effective income tax rate (301.0 )% 1.3 % (0.2 )% The net deferred tax assets and liabilities reported in the accompanying consolidated financial statements include the following components (dollars in thousands): March 31, 2021 2020 Deferred tax assets: Inventory, accruals and reserves 860 1,046 Federal and state operating loss carry-forwards 18,313 19,540 Tax credit carry-forwards 1,916 1,916 Equity compensation 198 250 Deferred revenue 38 18 Lease liability 853 903 Other 406 121 Total deferred tax assets 22,584 23,794 Valuation allowance (1,279 ) (22,228 ) Deferred tax assets, net of valuation allowance 21,305 1,566 Deferred tax liabilities: Lease ROU asset (670 ) (704 ) Fixed assets (626 ) (689 ) Intangible assets (224 ) (248 ) Total deferred tax liabilities (1,520 ) (1,641 ) Total net deferred tax assets/(liabilities) $ 19,785 $ (75 ) The CARES Act includes significant business tax provisions that, among other things, temporarily eliminate the taxable income limit for certain NOLs, allow businesses to carry back tax year 2018-2020 NOLs to the five prior tax years, accelerate refunds of corporate AMT credits, and generally decrease the amount of disallowed business interest expense. Because of Orion’s loss carryforwards, the income tax provisions of the CARES Act did not result in a material cash or financial statement impact. For fiscal year ended March 31, 2021, Orion’s deferred tax assets were primarily the result of U.S. NOL and tax credit carryforwards. Orion recorded a valuation allowance of $1.3 million and $22.2 million against its net deferred tax asset balance as of March 31, 2021 and March 31, 2020, respectively, due to the uncertainty of its realization value in the future. For the year ended March 31, 2021, Orion recorded a net valuation allowance release of $20.9 million on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. For the fiscal year ended March 31, 2020, the valuation allowance against Orion's net federal and net state deferred tax assets decreased $3.2 million, primarily due to the fiscal year ended March 31, 2020 loss usage. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Orion considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. As of March 31, 2021, in part because Orion achieved its second full year of pretax income and three years of cumulative pretax income in the U.S. federal tax jurisdiction, management determined there was sufficient positive evidence to conclude that it is more likely than not that deferred taxes assets of $20.9 are realizable. It therefore reduced the valuation allowance accordingly. As of March 31, 2021, Orion has federal NOL carryforwards of approximately $69.4 million, state NOL carryforwards of approximately $61.8 million, and foreign NOL carryforwards of approximately $0.8 million. Orion also had federal tax credit carryforwards of approximately $1.3 million and state tax credits of $0.8 million. All of Orion's tax credit carryforwards and $123.6 million of its NOL carryforwards will begin to expire in varying amounts between 2022 and 2040. The remaining $8.4 million of its federal and state NOL carryforwards are not subject to time restrictions but may only be used to offset 80% of adjusted taxable income. Orion believes it is more likely than not that the benefit from its state credit carryforwards, foreign NOL carryforwards, a portion of its federal credit carryforwards, and certain state loss carryforwards will not be realized. In recognition of this risk, Orion has provided a valuation allowance of $1.3 million on the deferred tax assets related to these carryforwards. Generally, a change of more than 50% in the ownership of Orion's stock, by value, over a three-year period constitutes an ownership change for federal income tax purposes as defined under Section 382 of the Internal Revenue Code. As a result, Orion's ability to use its net operating loss carryforwards, attributable to the period prior to such ownership change, to offset taxable income can be subject to limitations in a particular year, which could potentially result in increased future tax liability for Orion. There was no limitation of NOL carryforwards that occurred for fiscal 2021, fiscal 2020, or fiscal 2019. Orion records its tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where Orion believes that a tax position is supportable for income tax purposes, the item is included in their income tax returns. Where treatment of a position is uncertain, a liability is recorded based upon the expected most likely outcome taking into consideration the technical merits of the position based on specific tax regulations and facts of each matter. These liabilities may be affected by changing interpretations of laws, rulings by tax authorities, or the expiration of the statute of limitations. Orion files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company's federal tax returns for tax years beginning April 1, 2017 or later are open. For states in which Orion files state income tax returns, the statute of limitations is generally open for tax years ended March 31, 2017 and forward. State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state effect of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states. Orion currently has no state income tax return positions in the process of examination, administrative appeals or litigation. Uncertain tax positions As of March 31, 2021, the balance of gross unrecognized tax benefits was approximately $0.3 million, all of which would affect Orion’s effective tax rate if recognized. Orion has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. Orion recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are included in the unrecognized tax benefits. Orion had the following unrecognized tax benefit activity (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Unrecognized tax benefits as of beginning of fiscal year $ 259 $ 130 $ 129 Additions based on tax positions related to the current period positions 123 23 1 Additions/(reductions) for tax positions of prior years (97 ) 106 — Unrecognized tax benefits as of end of fiscal year $ 285 $ 259 $ 130 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 15 — COMMITMENTS AND CONTINGENCIES Purchase Commitments Orion enters into non-cancellable purchase commitments for certain inventory items in order to secure better pricing and ensure materials on hand. As of March 31, 2021, Orion had entered into $13.1 million of purchase commitments related primarily to inventory purchases. Retirement Savings Plan Orion sponsors a tax deferred retirement savings plan that permits eligible employees to contribute varying percentages of their compensation up to the limit allowed by the Internal Revenue Service. This plan also provides for discretionary contributions by Orion. In fiscal 2021, Orion made matching contributions of $0.1 million. In fiscal 2020 and 2019, Orion made matching contributions of approximately $0.1 million and $9 thousand, respectively. Litigation Orion is subject to various claims and legal proceedings arising in the ordinary course of business. As of the date of this report, Orion does not believe that the final resolution of any of such claims or legal proceedings would have a material adverse effect on its future results of operations. In addition to ordinary-course litigation, Orion was or is a party to the proceedings described below. State Tax Assessment During fiscal year 2018, Orion was notified of a pending sales and use tax audit by the Wisconsin Department of Revenue for the period covering April 1, 2013 through March 31, 2017. Although the final resolution of the Company’s sales and use tax audit is uncertain, based on current information, in the opinion of the Company’s management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated balance sheet, statements of operations, or liquidity. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 16 — SHAREHOLDERS’ EQUITY Share Repurchase Program and Treasury Stock In 2011 and 2012, Orion’s Board approved several share repurchase programs authorizing Orion to repurchase in aggregate up to a maximum of $ 7.5 million of Orion's outstanding common stock. As of March 31, 2021, Orion had repurchased 3,022,349 shares of common stock at a cost of $6.8 million under these programs. Orion did not repurchase any shares in fiscal 2021, fiscal 2020 or fiscal 2019 and currently does not intend to repurchase any additional common stock under this program in the near-term. Shareholder Rights Plan On January 3, 2019, Orion entered into Amendment No. 1 to the Rights Agreement, which amended the Rights Agreement dated as of January 7, 2009 and extended its terms by three years to January 7, 2022 The Rights will not be exercisable (and will be transferable only with Orion’s common stock) until a “Distribution Date” occurs (or the Rights are earlier redeemed or expire). A Distribution Date generally will occur on the earlier of a public announcement that a person or group of affiliated or associated persons (“Acquiring Person”) has acquired beneficial ownership of 20% or more of Orion’s outstanding common stock (“Shares Acquisition Date”) or 10 business days after the commencement of, or the announcement of an intention to make, a tender offer or exchange offer that would result in any such person or group of persons acquiring such beneficial ownership. If a person becomes an Acquiring Person, holders of Rights (except as otherwise provided in the Rights Agreement) will have the right to receive that number of shares of Orion’s common stock having a market value of two times the then-current Purchase Price, and all Rights beneficially owned by an Acquiring Person, or by certain related parties or transferees, will be null and void. If, after a Shares Acquisition Date, Orion is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder of a Right (except as otherwise provided in the Rights Agreement) will thereafter have the right to receive that number of shares of the acquiring company’s common stock which at the time of such transaction will have a market value of two times the then-current Purchase Price. Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder of Orion. At any time prior to a person becoming an Acquiring Person, the Board of Directors of Orion may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. Unless they are extended or earlier redeemed or exchanged, the Rights will expire on January 7, 2022. Employee Stock Purchase Plan In August 2010, Orion’s Board of Directors approved a non-compensatory employee stock purchase plan, or ESPP. The ESPP authorizes 2,500,000 shares to be issued from treasury or authorized shares to satisfy employee share purchases under the ESPP. All full-time employees of Orion are eligible to be granted a non-transferable purchase right each calendar quarter to purchase directly from Orion up to $20,000 of Orion’s common stock at a purchase price equal to 100% of the closing sale price of Orion’s common stock on The NASDAQ Capital Market on the last trading day of each quarter. In prior years, Orion issued loans to non-executive employees to purchase shares of its stock. The loan program has been discontinued and new loans are no longer issued. Orion had the following shares issued from treasury during fiscal 2021 and fiscal 2020: As of March 31, 2021 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2021 359 6.90 Quarter Ended December 31, 2020 178 9.87 Quarter Ended September 30, 2020 151 7.57 Quarter Ended June 30, 2020 458 3.46 Total 1,146 $ 3.46 - 6.90 As of March 31, 2020 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2020 512 $ 3.70 Quarter Ended December 31, 2019 666 $ 3.35 Quarter Ended September 30, 2019 570 $ 2.85 Quarter Ended June 30, 2019 613 $ 2.97 Total 2,361 $ 2.85 - 3.70 Sale of shares In March 2020, Orion filed a universal shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Orion currently has the flexibility to publicly offer and sell from time to time up to $100.0 million of debt and/or equity securities. The filing of the shelf registration statement may help facilitate Orion’s ability to raise public equity or debt capital to expand existing businesses, fund potential acquisitions, invest in other growth opportunities, repay existing debt, or for other general corporate purposes. The COVID-19 pandemic has had a negative near-term impact on the capital markets and may impact Orion’s ability to access this capital. In March 2021, Orion entered into an At Market Issuance Sales Agreement to undertake an “at the market” (ATM) public equity capital raising program pursuant to which Orion may offer and sell shares of common stock, having an aggregate offering price of up to $50 million from time to time through or to the Agent, acting as sales agent or principal. No share sales were effected pursuant to the ATM program through March 31, 2021. |
STOCK OPTIONS AND RESTRICTED SH
STOCK OPTIONS AND RESTRICTED SHARES | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK OPTIONS AND RESTRICTED SHARES | NOTE 17 — STOCK OPTIONS AND RESTRICTED SHARES At Orion’s 2019 annual meeting of shareholders held on August 7, 2019, Orion’s shareholders approved the Orion Energy Systems, Inc. 2016 Omnibus Incentive Plan, as amended and restated (the “Amended 2016 Plan”). Approval of the Amended 2016 Plan increased the number of shares of Orion’s common stock available for issuance under the Amended 2016 Plan from 1,750,000 shares to 3,500,000 shares (an increase of 1,750,000 shares); added a minimum vesting period for all awards granted under the Amended 2016 Plan (with limited exceptions); and added a specific prohibition on the payment of dividends and dividend equivalents on unvested awards. As of March 31, 2021, the number of shares available for grant under the Amended 2016 Plan was 1,578,445. The Amended 2016 Plan authorizes grants of equity-based and incentive cash awards to eligible participants designated by the Plan's administrator. Awards under the Amended 2016 Plan may consist of stock options, stock appreciation rights, performance shares, performance units, common stock, restricted stock, restricted stock units, incentive awards or dividend equivalent units. Prior to the 2016 Omnibus Incentive Plan, the Company maintained its 2004 Stock and Incentive Awards Plan, as amended, which authorized the grant of cash and equity awards to employees (the “2004 Plan”). No new awards are being granted under the 2004 Plan; however, all awards granted under the 2004 Plan that are outstanding will continue to be governed by the 2004 Plan. Forfeited awards originally issued under the 2004 Plan are canceled and are not available for subsequent issuance under the 2004 Plan or under the Amended 2016 Plan. Certain non-employee directors have elected to receive stock awards in lieu of cash compensation pursuant to elections made under Orion’s non-employee director compensation program. The Amended 2016 Plan and the 2004 Plan also permit accelerated vesting in the event of certain changes of control of Orion as well as under other special circumstances. Orion historically granted stock options and restricted stock under the 2004 Plan. Orion has not issued stock options since fiscal 2014 and instead has issued restricted stock. Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Cost of product revenue $ 4 $ 3 $ 2 Cost of service revenue — (1 ) 3 General and administrative 716 576 764 Sales and marketing 29 38 54 Research and development 4 2 2 $ 753 $ 618 $ 825 The following table summarizes information with respect to outstanding stock options: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2018 629,667 $ 3.36 Granted — $ — Exercised — $ — Forfeited (161,831 ) $ 3.61 Outstanding at March 31, 2019 467,836 $ 3.14 Granted — $ — Exercised (22,362 ) $ 2.51 Forfeited (49,174 ) $ 4.63 Outstanding at March 31, 2020 396,300 $ 2.80 Granted — $ — Exercised (99,000 ) $ 2.34 Forfeited (100,982 ) $ 3.39 Outstanding at March 31, 2021 196,318 $ 2.74 Exercisable at March 31, 2021 196,318 The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2021: March 31, 2021 Outstanding and Vested Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $2.00 - 2.03 57,292 1.21 $ 2.03 $2.41 - 2.75 92,936 1.53 2.46 $4.19 46,090 0.15 4.19 196,318 1.11 $ 2.74 The following table summarizes information with respect to restricted shares activity: Fiscal Year Ended March 31, 2021 2020 2019 Balance at March 31, 2020 772,720 1,312,593 1,485,799 Shares issued 287,998 279,468 529,000 Shares vested (450,481 ) (669,238 ) (653,394 ) Shares forfeited (140,598 ) (150,103 ) (48,812 ) Shares outstanding at March 31, 2021 469,639 772,720 1,312,593 Per share price on grant date $3.92 - 10.01 $2.69 - 3.03 $0.84 - 1.00 During fiscal 2021, Orion recognized $0.8 million of stock-based compensation expense related to restricted shares. As of March 31, 2021, the weighted average grant-date fair value of restricted shares granted was $4.27. Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2021 is expected to be recognized as follows (dollars in thousands): Fiscal 2022 $ 484 Fiscal 2023 361 Fiscal 2024 93 Fiscal 2025 10 Total $ 948 Remaining weighted average expected term 3.1 years |
SEGMENT DATA
SEGMENT DATA | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | NOTE 18 — SEGMENT DATA Orion has the following business segments: Orion Engineered Services Division (“OES”), Orion Distribution Services Division (“ODS”), and Orion U.S. Markets Division (“USM”). The accounting policies are the same for each business segment as they are on a consolidated basis. Orion Engineered Systems Division (“OES”) The OES segment develops and sells lighting products and provides construction and engineering services for Orion's commercial lighting and energy management systems. OES provides engineering, design, lighting products and in many cases turnkey solutions for large national accounts, governments, municipalities, schools and other customers. Orion Distribution Services Division (“ODS”) The ODS segment sells lighting products through manufacturer representative agencies and a network of North American broadline electrical distributors and contractors. Orion U.S. Markets Division (“USM”) The USM segment sells commercial lighting systems and energy management systems to the wholesale contractor markets. USM customers include ESCOs and contractors. Corporate and Other Corporate and Other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results (dollars in thousands). Revenues Operating Income (Loss) For the year ended March 31, For the year ended March 31, (dollars in thousands) 2021 2020 2019 2021 2020 2019 Segments: Engineered Systems $ 84,243 $ 122,744 $ 30,925 $ 7,472 $ 16,164 $ (1,237 ) Distribution Services 21,122 15,087 24,173 2,430 (852 ) (1,742 ) U.S. Markets 11,475 13,010 10,656 1,683 2,447 1,132 Corporate and Other — — — (4,749 ) (4,649 ) (4,310 ) $ 116,840 $ 150,841 $ 65,754 $ 6,836 $ 13,110 $ (6,157 ) Depreciation and Amortization For the year ended March 31, Capital Expenditures For the year ended March 31, 2021 2020 2019 2021 2020 2019 Segments: Engineered Systems $ 913 $ 1,013 $ 774 $ 516 $ 302 $ 165 Distribution Services 231 187 485 158 81 44 U.S. Markets 128 126 233 107 78 31 Corporate and Other 208 236 291 121 353 215 $ 1,480 $ 1,562 $ 1,783 $ 902 $ 814 $ 455 Total Assets March 31, 2021 March 31, 2020 Segments: Engineered Systems $ 29,856 $ 22,354 Distribution Services 6,530 5,502 U.S. Markets 6,057 4,859 Corporate and Other 50,378 39,848 $ 92,821 $ 72,563 Orion’s revenue outside the United States is insignificant and Orion has no long-lived assets outside the United States. |
RESTRUCTURING EXPENSE
RESTRUCTURING EXPENSE | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
RESTRUCTURING EXPENSE | NOTE 19 — RESTRUCTURING EXPENSE During the fourth quarter of fiscal 2020, as part of Orion’s response to the impacts of the COVID-19 pandemic, Orion entered into separation agreements with multiple employees, and recognized $0.4 million of expense. Orion’s restructuring expense for the 12 months ended March 31, 2021, 2020 and 2019 is reflected within its consolidated statements of operations as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2021 2020 2019 Cost of product revenue $ — $ 82 $ — Cost of product service — 74 26 General and administrative — 28 17 Sales and marketing — 207 — Total $ — $ 391 $ 43 Total restructuring expense by segment was recorded as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2021 2020 2019 Orion Engineered Systems $ — $ 139 $ — Orion Distribution Systems — 142 12 Corporate and Other — 110 31 Total $ — $ 391 $ 43 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 20 — SUBSEQUENT EVENTS Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. On May 5, 2021, Orion announced a $0.5 million strategic investment in ndustrial, a provider of software and services that optimize industrial facilities across all stages of discrete and process manufacturing supply chains. Orion secured an equity stake in ndustrial through its participation in the ndustrial’s $6 million Series A financing. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Mar. 31, 2021 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 21 — QUARTERLY FINANCIAL DATA (UNAUDITED) Summary quarterly results for the years ended March 31, 2021 and March 31, 2020 are as follows: Three Months Ended Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 March 31, 2021 Total (in thousands, except per share amounts) Total revenue $ 10,811 $ 26,281 $ 44,251 $ 35,497 $ 116,840 Gross profit $ 2,635 $ 7,263 $ 11,006 $ 9,220 $ 30,124 Net income (loss) (1) $ (2,219 ) $ 1,914 $ 4,315 $ 22,124 $ 26,134 Basic net income (loss) per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.72 $ 0.85 Shares used in basic per share calculation 30,352 30,669 30,736 30,782 30,635 Diluted net loss per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.71 $ 0.83 Shares used in diluted per share calculation 30,352 31,170 31,320 31,295 31,304 Three Months Ended Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Total (in thousands, except per share amounts) Total revenue $ 42,378 $ 48,322 $ 34,249 $ 25,892 $ 150,841 Gross profit $ 10,283 $ 12,791 $ 8,274 $ 5,775 $ 37,123 Net income (loss) (2) $ 3,968 $ 6,721 $ 2,304 $ (531 ) $ 12,462 Basic net loss per share $ 0.13 $ 0.22 $ 0.08 $ (0.02 ) $ 0.41 Shares used in basic per share calculation 29,723 30,189 30,244 30,259 30,105 Diluted net loss per share $ 0.13 $ 0.22 $ 0.07 $ (0.02 ) $ 0.40 Shares used in diluted per share calculation 30,551 30,830 30,824 30,259 30,965 (1) Includes $20.9 million of tax benefit related to the release of the valuation allowance on deferred tax assets during the three months ended March 31, 2021. ( 2 ) Includes a $0.4 million restructuring charge during the three months ended March 31, 2020. The four quarters for net earnings per share may not add to the total year because of differences in the weighted average number of shares outstanding during the quarters and the year. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence, allowance for doubtful accounts, accruals for warranty and loss contingencies, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Orion considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Orion’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other, revolving credit facility and long-term debt. The carrying amounts of Orion’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term debt and revolving credit facility, because of the interest rates currently available to Orion for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimate of what market participants would use in valuing the asset or liability at the measurement date. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for doubtful accounts based upon the aging of the underlying receivables, historical experience with write-offs and specific customer collection issues that have been identified. See Note 5 – Accounts Receivable for further discussion of the allowance for doubtful accounts. |
Incentive Plan | Incentive Plan Orion’s compensation committee approved an Executive Annual Cash Incentive Program. Based upon the results for the fiscal years ended March 31, 2021, 2020 and 2019, Orion accrued approximately $0.7 million, $0.8 million, and no expense related to this plan, respectively. |
Revenue Recognition | Revenue Recognition Orion generates revenues primarily by selling commercial lighting fixtures and components and by installing these fixtures in its customer’s facilities. Orion recognizes revenue in accordance with the guidance in “Revenue from Contracts with Customers” (Topic 606) (“ASC 606”) when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration that management expects to receive in exchange for those goods or services. Prices are generally fixed at the time of order confirmation. The amount of expected consideration includes estimated deductions and early payment discounts calculated based on historical experience, customer rebates based on agreed upon terms applied to actual and projected sales levels over the rebate period, and any amounts paid to customers in conjunction with fulfilling a performance obligation. If there are multiple performance obligations in a single contract, the contract’s total transaction price is allocated to each individual performance obligation based on their relative standalone selling price. A performance obligation’s standalone selling price is the price at which Orion would sell such promised good or service separately to a customer. Orion uses an observable price to determine the stand-alone selling price for separate performance obligations or an expected cost-plus margin approach when one is not available. The expected cost-plus margin approach is used to determine the estimated stand-alone selling price for the installation performance obligation and is based on average historical installation margin. Revenue derived from customer contracts which include only performance obligation(s) for the sale of lighting fixtures and components is classified as Product revenue in the Consolidated Statements of Operations. The revenue for these transactions is recorded at the point in time when management believes that the customer obtains control of the products, generally either upon shipment or upon delivery to the customer’s facility. This point in time is determined separately for each contract and requires judgment by management of the contract terms and the specific facts and circumstances concerning the transaction. Revenue from a customer contract which includes both the sale of fixtures and the installation of such fixtures (which Orion refers to as a turnkey project) is allocated between each lighting fixture and the installation performance obligation based on relative standalone selling prices. Revenue from turnkey projects that is allocated to the sale of the lighting fixtures is recorded at the point in time when management believes the customer obtains control of the product(s) and is reflected in Product revenue. This point in time is determined separately for each customer contract based upon the terms of the contract and the nature and extent of Orion’s control of the light fixtures during the installation. Product revenue associated with turnkey projects can be recorded (a) upon shipment or delivery, (b) subsequent to shipment or delivery and upon customer payments for the light fixtures, (c) when an individual light fixture is installed and working correctly, or (d) when the customer acknowledges that the entire installation project is substantially complete. Determining the point in time when a customer obtains control of the lighting fixtures in a turnkey project can be a complex judgment and is applied separately for each individual light fixture included in a contract. In making this judgment, management considers the timing of various factors, including, but not limited to, those detailed below: • when there is a legal transfer of ownership; • when the customer obtains physical possession of the products; • when the customer starts to receive the benefit of the products; • the amount and duration of physical control that Orion maintains on the products after they are shipped to, and received at, the customer’s facility; • whether Orion is required to maintain insurance on the lighting fixtures when they are in transit and after they are delivered to the customer’s facility; • when each light fixture is physically installed and working correctly; • when the customer formally accepts the product; and • when Orion receives payment from the customer for the light fixtures. Revenue from turnkey projects that is allocated to the single installation performance obligation is reflected in Service revenue. Service revenue is recorded over-time as Orion fulfills its obligation to install the light fixtures. Orion measures its performance toward fulfilling its performance obligations for installations using an output method that calculates the number of light fixtures removed and installed as of the measurement date in comparison to the total number of light fixtures to be removed and installed under the contract. Orion offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of Orion’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at Orion’s net investment in the lease, which typically is the net present value of the future cash flows. Orion also records revenue in conjunction with several limited power purchase agreements (“PPAs”) still outstanding. Those PPAs are supply-side agreements for the generation of electricity. Orion’s last PPA expires in 2031. Revenue associated with the sale of energy generated by the solar facilities under these PPAs is within the scope of ASC 606. Revenues are recognized over-time and are equal to the amount billed to the customer, which is calculated by applying the fixed rate designated in the PPAs to the variable amount of electricity generated each month. This approach is in accordance with the “right to invoice” practical expedient provided for in ASC 606. Orion also recognizes revenue upon the sale to third parties of tax credits received from operating the solar facilities and from amortizing a grant received from the federal government during the period starting when the power generating facilities were constructed until the expiration of the PPAs; these revenues are not derived from contracts with customers and therefore not under the scope of ASC 606. See Note 11 – Accrued Expenses and Other for a discussion of Orion’s accounting for the warranty it provides to customers for its products and services. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. |
Shipping And Handling Costs | Shipping and Handling Costs Orion records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue. |
Research and Development | Research and Development Orion expenses research and development costs as incurred. Amounts are included in the Statement of Operations on the line item Research and development. |
Income Taxes | Income Taxes Orion recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2021, Orion decreased its full valuation allowance by $20.9 million against its deferred tax assets on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. ASC 740, Income Taxes |
Stock Based Compensation | Stock Based Compensation Orion’s share-based payments to employees are measured at fair value and are recognized against earnings, on a straight-line basis over the requisite service period. Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. As more fully described in Note 17 – Stock Options and Restricted Shares, Orion currently awards non-vested restricted stock (and in some cases, in conjunction with associated cash award accounted for as a liability) to employees, executive officers and directors. Orion has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Orion’s cash is deposited with three financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including ballasts, lamps and LED components, from multiple suppliers. For fiscal 2021, no supplier accounted for more than 10% of total cost of revenue. For fiscal 2020, one supplier accounted for 11.8% of total cost of revenue. For fiscal 2019, no supplier accounted for more than 10% of total cost of revenue. In fiscal 2021, one customer accounted for 56.0% of revenue. In fiscal 2020, one customer accounted for 74.1% of total revenue. In fiscal 2019, one customer accounted for 20.7% of total revenue. As of March 31, 2021, three customers accounted for 33.9%, 16.4% and 10.1% of accounts receivable, respectively, and as of March 31, 2020, two customers accounted for 37.3% and 13.0% of accounts receivable, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Issued: Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for Orion for fiscal years (and interim reporting periods within those years) beginning after December 15, 2022. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Orion is currently evaluating the impact of adoption of this standard on its consolidated statements of operations, cash flows, and the related footnote disclosures. Recently Adopted Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general rules of Topic 740. The provisions of ASU 2019-12 are effective for Orion in the current period. One provision applicable to Orion and relevant to recently filed financial statements relate to hybrid tax regimes. Hybrid tax regimes are those that impose the greater of two taxes – one based on income or one based on items other than income. The old guidance specified that if there is a tax based on income that is greater than a franchise tax based on capital, only that excess is subject to ASC 740. The new guidance states that an entity should include the amount of tax based on income in the tax provision and include any incremental amount recorded as a tax not based on income. The adoption of this ASU did not have a material impact on Orion’s consolidated financial statements. |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | The following table provides detail of Orion’s total revenues for the year ended March 31, 2021 (dollars in thousands): Year Ended March 31, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019 Product Services Total Product Services Total Product Services Total Revenue from contracts with customers: Lighting revenues, by end user Federal government $ 696 $ 965 $ 1,661 $ 922 $ 379 $ 1,301 $ 2,579 $ 642 $ 3,221 Commercial and industrial 83,963 28,211 112,174 110,742 37,110 147,852 49,963 8,851 58,814 Total lighting 84,659 29,176 113,835 111,664 37,489 149,153 52,542 9,493 62,035 Solar energy related revenues 57 — 57 56 — 56 57 — 57 Total revenues from contracts with customers 84,716 29,176 113,892 111,720 37,489 149,209 52,599 9,493 62,092 Revenue accounted for under other guidance 2,948 — 2,948 1,632 — 1,632 3,662 — 3,662 Total revenue $ 87,664 $ 29,176 $ 116,840 $ 113,352 $ 37,489 $ 150,841 $ 56,261 $ 9,493 $ 65,754 |
Summary of Contract Assets and Liabilities | The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of March 31, 2021, and March 31, 2020, after the adoption of the new standards (dollars in thousands): March 31, 2021 March 31, 2020 Accounts receivable, net $ 13,572 $ 10,427 Contract assets $ 2,367 $ 1,082 Contract liabilities $ 11 $ 31 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts Balances | Orion's accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands): 2021 2020 Accounts receivable, gross $ 13,583 $ 10,455 Allowance for doubtful accounts (11 ) (28 ) Accounts receivable, net $ 13,572 $ 10,427 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | As of March 31, 2021 and 2020, Orion's inventory balances were as follows (dollars in thousands): Cost Excess and Obsolescence Reserve Net As of March 31, 2021 Raw materials and components $ 12,410 $ (967 ) $ 11,443 Work in process 758 (356 ) 402 Finished goods 8,295 (586 ) 7,709 Total $ 21,463 $ (1,909 ) $ 19,554 As of March 31, 2020 Raw materials and components $ 9,639 $ (1,244 ) $ 8,395 Work in process 699 (305 ) 394 Finished goods 6,598 (880 ) 5,718 Total $ 16,936 $ (2,429 ) $ 14,507 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment were comprised of the following (dollars in thousands): March 31, 2021 March 31, 2020 Land and land improvements $ 433 $ 433 Buildings and building improvements 9,477 9,470 Furniture, fixtures and office equipment 7,372 7,270 Leasehold improvements 340 324 Equipment leased to customers 4,997 4,997 Plant equipment 12,451 12,021 Construction in progress 135 15 35,205 34,530 Less: accumulated depreciation and amortization (23,836 ) (22,713 ) Net property and equipment $ 11,369 $ 11,817 Depreciable lives by asset category are as follows: Land improvements 10-15 years Buildings and building improvements 10-39 years Furniture, fixtures and office equipment 2-10 years Leasehold improvements Shorter of asset life or life of lease Equipment leased to customers under Power Purchase Agreements 20 years Plant equipment 3-10 years |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Assets Leased from Third Parties | A summary of Orion’s assets leased from third parties follows (dollars in thousands): Balance sheet classification March 31, 2021 March 31, 2020 Assets Operating lease assets Other long-term assets $ 2,585 $ 2,745 Liabilities Current liabilities Operating lease liabilities Accrued expenses and other 647 691 Non-current liabilities Operating lease liabilities Other long-term liabilities 2,642 2,830 Total lease liabilities $ 3,289 $ 3,521 |
Summary of Estimated Maturity of Lease Liabilities | The estimated maturity of lease liabilities for each of the next five years is shown below (dollars in thousands): Maturity of Lease Liabilities Operating Leases Fiscal 2022 $ 810 Fiscal 2023 820 Fiscal 2024 746 Fiscal 2025 735 Fiscal 2026 628 Total lease payments $ 3,739 Less: Interest (450 ) Present value of lease liabilities $ 3,289 |
Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases | The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the year ended March 31, 2021 and 2020 (dollars in thousands): March 31, 2021 March 31, 2020 Product revenue $ 2,758 $ 1,362 Cost of product revenue 2,512 1,208 |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Amortizable Intangible Assets | Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: Patents 10-17 years Straight-line Licenses 7-13 years Straight-line Customer relationships 5-8 years Accelerated based upon the pattern of economic benefits consumed Developed technology 8 years Accelerated based upon the pattern of economic benefits consumed |
Summary of Components and Changes in Other Intangible Assets | The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands): March 31, 2021 March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 2,796 $ (1,875 ) $ 921 $ 2,766 $ (1,700 ) $ 1,066 Licenses 58 (58 ) — 58 (58 ) — Trade name and trademarks 1,011 — 1,011 1,014 — 1,014 Customer relationships 3,600 (3,591 ) 9 3,600 (3,545 ) 55 Developed technology 900 (889 ) 11 900 (819 ) 81 Total $ 8,365 $ (6,413 ) $ 1,952 $ 8,338 $ (6,122 ) $ 2,216 |
Summary of Estimated Amortization Expense | The estimated amortization expense for each of the next five years is shown below (dollars in thousands): Fiscal 2022 $ 206 Fiscal 2023 115 Fiscal 2024 111 Fiscal 2025 100 Fiscal 2026 90 Thereafter 319 $ 941 Amortization expense is set forth in the following table (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Amortization included in cost of sales: Patents $ 175 $ 171 $ 171 Total $ 175 $ 171 $ 171 Amortization included in operating expenses: Customer relationships $ 47 $ 86 $ 133 Developed technology 68 102 135 Non-competition agreements — — 5 Total 115 188 273 Total amortization of intangible assets $ 290 $ 359 $ 444 |
ACCRUED EXPENSES AND OTHER (Tab
ACCRUED EXPENSES AND OTHER (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Expenses and Other | As of March 31, 2021 and March 31, 2020, Accrued expenses and other included the following (dollars in thousands): March 31, 2021 March 31, 2020 Compensation and benefits $ 2,851 $ 2,594 Sales tax 1,318 513 Accrued project costs 5,010 1,173 Legal and professional fees 497 312 Warranty 705 708 Sales returns reserve 106 98 Credits due to customers 1,009 932 Other accruals 1,730 898 Total $ 13,226 $ 7,228 |
Changes in Warranty Accrual | Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands): March 31, 2021 2020 Beginning of year $ 1,069 $ 657 Accruals 644 863 Warranty claims (net of vendor reimbursements) (704 ) (451 ) Ending balance $ 1,009 $ 1,069 |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of the Effect of Net Income (Loss) Per Common Share | Net income (loss) per common share is calculated based upon the following shares: Fiscal Year Ended March 31, 2021 2020 2019 Numerator: Net income (loss) (dollars in thousands) $ 26,134 $ 12,462 $ (6,674 ) Denominator: Weighted-average common shares outstanding 30,634,553 30,104,552 29,429,540 Weighted-average effect of assumed conversion of stock options and restricted stock 669,174 860,225 — Weighted-average common shares and share equivalents outstanding 31,303,727 30,964,777 29,429,540 Net income (loss) per common share: Basic $ 0.85 $ 0.41 $ (0.23 ) Diluted $ 0.83 $ 0.40 $ (0.23 ) |
Number of Potentially Dilutive Securities Excluded from the Calculation of Diluted Net Income (Loss) per Common Share | The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net income (loss) per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period: March 31, 2021 2020 2019 Common stock options — 164,072 467,836 Restricted shares — — 1,312,593 Total — 164,072 1,780,429 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt as of March 31, 2021 and 2020 consisted of the following (dollars in thousands): March 31, 2021 2020 Revolving credit facility $ — $ 10,013 Equipment debt obligations 49 85 Total long-term debt 49 10,098 Less current maturities (14 ) (35 ) Long-term debt, less current maturities $ 35 $ 10,063 |
Schedule of Maturities of Long-Term Debt | Aggregate Maturities As of March 31, 2021, aggregate maturities of long-term debt were as follows (dollars in thousands): Fiscal 2022 $ 14 Fiscal 2023 14 Fiscal 2024 17 Fiscal 2025 4 $ 49 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Current $ 244 $ 84 $ (5 ) Deferred (19,860 ) 75 19 Total $ (19,616 ) $ 159 $ 14 2021 2020 2019 Federal, Current $ — $ 17 $ (16 ) Federal, Deferred (16,217 ) $ 39 $ 19 Total Federal (16,217 ) 56 3 State, Current 244 67 11 State, Deferred (3,643 ) 36 — Total State (3,399 ) 103 11 Total $ (19,616 ) $ 159 $ 14 |
Reconciliation of the Statutory Federal Income Tax Rate and the Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows: Fiscal Year Ended March 31, 2021 2020 2019 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net 3.7 % 6.5 % 5.6 % Federal tax credit — % — % (0.3 )% Change in valuation reserve (321.4 )% (25.0 )% (23.8 )% Permanent items (3.4 )% (1.0 )% (1.1 )% Change in tax contingency reserve (0.5 )% 0.2 % — % Federal refunds 0.0 % 0.0 % 0.3 % Equity compensation cancellations 0.6 % 0.2 % (1.0 )% Other, net (1.0 )% (0.6 )% (0.9 )% Effective income tax rate (301.0 )% 1.3 % (0.2 )% |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets and liabilities reported in the accompanying consolidated financial statements include the following components (dollars in thousands): March 31, 2021 2020 Deferred tax assets: Inventory, accruals and reserves 860 1,046 Federal and state operating loss carry-forwards 18,313 19,540 Tax credit carry-forwards 1,916 1,916 Equity compensation 198 250 Deferred revenue 38 18 Lease liability 853 903 Other 406 121 Total deferred tax assets 22,584 23,794 Valuation allowance (1,279 ) (22,228 ) Deferred tax assets, net of valuation allowance 21,305 1,566 Deferred tax liabilities: Lease ROU asset (670 ) (704 ) Fixed assets (626 ) (689 ) Intangible assets (224 ) (248 ) Total deferred tax liabilities (1,520 ) (1,641 ) Total net deferred tax assets/(liabilities) $ 19,785 $ (75 ) |
Unrecognized Tax Benefit Activity | Orion had the following unrecognized tax benefit activity (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Unrecognized tax benefits as of beginning of fiscal year $ 259 $ 130 $ 129 Additions based on tax positions related to the current period positions 123 23 1 Additions/(reductions) for tax positions of prior years (97 ) 106 — Unrecognized tax benefits as of end of fiscal year $ 285 $ 259 $ 130 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Shares Issued from Treasury | Orion had the following shares issued from treasury during fiscal 2021 and fiscal 2020: As of March 31, 2021 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2021 359 6.90 Quarter Ended December 31, 2020 178 9.87 Quarter Ended September 30, 2020 151 7.57 Quarter Ended June 30, 2020 458 3.46 Total 1,146 $ 3.46 - 6.90 As of March 31, 2020 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2020 512 $ 3.70 Quarter Ended December 31, 2019 666 $ 3.35 Quarter Ended September 30, 2019 570 $ 2.85 Quarter Ended June 30, 2019 613 $ 2.97 Total 2,361 $ 2.85 - 3.70 |
STOCK OPTIONS AND RESTRICTED _2
STOCK OPTIONS AND RESTRICTED SHARES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands): Fiscal Year Ended March 31, 2021 2020 2019 Cost of product revenue $ 4 $ 3 $ 2 Cost of service revenue — (1 ) 3 General and administrative 716 576 764 Sales and marketing 29 38 54 Research and development 4 2 2 $ 753 $ 618 $ 825 |
Summary of Outstanding Stock Options | The following table summarizes information with respect to outstanding stock options: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2018 629,667 $ 3.36 Granted — $ — Exercised — $ — Forfeited (161,831 ) $ 3.61 Outstanding at March 31, 2019 467,836 $ 3.14 Granted — $ — Exercised (22,362 ) $ 2.51 Forfeited (49,174 ) $ 4.63 Outstanding at March 31, 2020 396,300 $ 2.80 Granted — $ — Exercised (99,000 ) $ 2.34 Forfeited (100,982 ) $ 3.39 Outstanding at March 31, 2021 196,318 $ 2.74 Exercisable at March 31, 2021 196,318 |
Schedule of Range of Exercise Prices | The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2021: March 31, 2021 Outstanding and Vested Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $2.00 - 2.03 57,292 1.21 $ 2.03 $2.41 - 2.75 92,936 1.53 2.46 $4.19 46,090 0.15 4.19 196,318 1.11 $ 2.74 |
Summary of Restricted Shares | The following table summarizes information with respect to restricted shares activity: Fiscal Year Ended March 31, 2021 2020 2019 Balance at March 31, 2020 772,720 1,312,593 1,485,799 Shares issued 287,998 279,468 529,000 Shares vested (450,481 ) (669,238 ) (653,394 ) Shares forfeited (140,598 ) (150,103 ) (48,812 ) Shares outstanding at March 31, 2021 469,639 772,720 1,312,593 Per share price on grant date $3.92 - 10.01 $2.69 - 3.03 $0.84 - 1.00 |
Schedule of Unrecognized Compensation Cost Related to Non-vested Awards | Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2021 is expected to be recognized as follows (dollars in thousands): Fiscal 2022 $ 484 Fiscal 2023 361 Fiscal 2024 93 Fiscal 2025 10 Total $ 948 Remaining weighted average expected term 3.1 years |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Corporate and Other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results (dollars in thousands). Revenues Operating Income (Loss) For the year ended March 31, For the year ended March 31, (dollars in thousands) 2021 2020 2019 2021 2020 2019 Segments: Engineered Systems $ 84,243 $ 122,744 $ 30,925 $ 7,472 $ 16,164 $ (1,237 ) Distribution Services 21,122 15,087 24,173 2,430 (852 ) (1,742 ) U.S. Markets 11,475 13,010 10,656 1,683 2,447 1,132 Corporate and Other — — — (4,749 ) (4,649 ) (4,310 ) $ 116,840 $ 150,841 $ 65,754 $ 6,836 $ 13,110 $ (6,157 ) Depreciation and Amortization For the year ended March 31, Capital Expenditures For the year ended March 31, 2021 2020 2019 2021 2020 2019 Segments: Engineered Systems $ 913 $ 1,013 $ 774 $ 516 $ 302 $ 165 Distribution Services 231 187 485 158 81 44 U.S. Markets 128 126 233 107 78 31 Corporate and Other 208 236 291 121 353 215 $ 1,480 $ 1,562 $ 1,783 $ 902 $ 814 $ 455 Total Assets March 31, 2021 March 31, 2020 Segments: Engineered Systems $ 29,856 $ 22,354 Distribution Services 6,530 5,502 U.S. Markets 6,057 4,859 Corporate and Other 50,378 39,848 $ 92,821 $ 72,563 |
RESTRUCTURING EXPENSE (Tables)
RESTRUCTURING EXPENSE (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | Orion’s restructuring expense for the 12 months ended March 31, 2021, 2020 and 2019 is reflected within its consolidated statements of operations as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2021 2020 2019 Cost of product revenue $ — $ 82 $ — Cost of product service — 74 26 General and administrative — 28 17 Sales and marketing — 207 — Total $ — $ 391 $ 43 Total restructuring expense by segment was recorded as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2021 2020 2019 Orion Engineered Systems $ — $ 139 $ — Orion Distribution Systems — 142 12 Corporate and Other — 110 31 Total $ — $ 391 $ 43 |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Summary quarterly results for the years ended March 31, 2021 and March 31, 2020 are as follows: Three Months Ended Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 March 31, 2021 Total (in thousands, except per share amounts) Total revenue $ 10,811 $ 26,281 $ 44,251 $ 35,497 $ 116,840 Gross profit $ 2,635 $ 7,263 $ 11,006 $ 9,220 $ 30,124 Net income (loss) (1) $ (2,219 ) $ 1,914 $ 4,315 $ 22,124 $ 26,134 Basic net income (loss) per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.72 $ 0.85 Shares used in basic per share calculation 30,352 30,669 30,736 30,782 30,635 Diluted net loss per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.71 $ 0.83 Shares used in diluted per share calculation 30,352 31,170 31,320 31,295 31,304 Three Months Ended Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Total (in thousands, except per share amounts) Total revenue $ 42,378 $ 48,322 $ 34,249 $ 25,892 $ 150,841 Gross profit $ 10,283 $ 12,791 $ 8,274 $ 5,775 $ 37,123 Net income (loss) (2) $ 3,968 $ 6,721 $ 2,304 $ (531 ) $ 12,462 Basic net loss per share $ 0.13 $ 0.22 $ 0.08 $ (0.02 ) $ 0.41 Shares used in basic per share calculation 29,723 30,189 30,244 30,259 30,105 Diluted net loss per share $ 0.13 $ 0.22 $ 0.07 $ (0.02 ) $ 0.40 Shares used in diluted per share calculation 30,551 30,830 30,824 30,259 30,965 (1) Includes $20.9 million of tax benefit related to the release of the valuation allowance on deferred tax assets during the three months ended March 31, 2021. ( 2 ) Includes a $0.4 million restructuring charge during the three months ended March 31, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)Customerfinancial_instituionSupplier | Mar. 31, 2020USD ($)CustomerSupplier | Mar. 31, 2019USD ($)SupplierCustomer | |
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Deferred tax assets valuation allowance | $ | $ 20,900,000 | ||
Number of financial institutions | financial_instituion | 3 | ||
Number of supplier more than ten percent of cost of revenue | Supplier | 0 | 1 | 0 |
Number of customer more than ten percent of revenue | Customer | 1 | 1 | 1 |
Number of customer more than ten percent of accounts receivable | Customer | 3 | 2 | |
ASU No. 2019-12 | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Cost of revenue | Customer Concentration Risk | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Concentration risk, percentage | 10.00% | ||
Cost of revenue | Customer Concentration Risk | Customer One | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Concentration risk, percentage | 11.80% | ||
Revenue | Customer Concentration Risk | Customer One | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Concentration risk, percentage | 56.00% | 74.10% | 20.70% |
Accounts Receivable | Credit Concentration Risk | Customer One | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Concentration risk, percentage | 33.90% | 37.30% | |
Accounts Receivable | Credit Concentration Risk | Customer Two | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Concentration risk, percentage | 16.40% | 13.00% | |
Accounts Receivable | Credit Concentration Risk | Customers Three | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Concentration risk, percentage | 10.10% | ||
Deferred Bonus | |||
Concentration of Credit Risk and Other Risks and Uncertainties | |||
Discretionary bonus payments, accrued expenses | $ | $ 700,000 | $ 800,000 | $ 0 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 35,497,000 | $ 44,251,000 | $ 26,281,000 | $ 10,811,000 | $ 25,892,000 | $ 34,249,000 | $ 48,322,000 | $ 42,378,000 | $ 116,840,000 | $ 150,841,000 | $ 65,754,000 |
Percentage of contract for sale equal monthly progress payments | 90.00% | ||||||||||
Long-term accounts receivable | 0 | 760,000 | $ 0 | 760,000 | |||||||
Proceeds from sale of revenue earned but not billed | 5,100,000 | 4,400,000 | 6,900,000 | ||||||||
Gain (loss) on sale of revenue earned but not billed | $ (100,000) | (100,000) | $ 300,000 | ||||||||
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false] | true | ||||||||||
Revenue, Practical Expedient, Financing Component [true false] | true | ||||||||||
Unbilled accounts receivable | $ 600,000 | 39,000 | $ 600,000 | 39,000 | |||||||
Contract assets | $ 600,000 | $ 600,000 | |||||||||
Contract liabilities | 11,000 | ||||||||||
Change in contract asset reclassified to accounts receivable | 0 | ||||||||||
Change in contract liability | 0 | ||||||||||
Light fixture sales-type lease | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 2,800,000 | ||||||||||
Sale of tax credits | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 100,000 | ||||||||||
Legacy solar facilities | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 100,000 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | $ 113,892 | $ 149,209 | $ 62,092 | ||||||||
Revenue accounted for under other guidance | 2,948 | 1,632 | 3,662 | ||||||||
Total revenue | $ 35,497 | $ 44,251 | $ 26,281 | $ 10,811 | $ 25,892 | $ 34,249 | $ 48,322 | $ 42,378 | 116,840 | 150,841 | 65,754 |
Product revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 84,716 | 111,720 | 52,599 | ||||||||
Revenue accounted for under other guidance | 2,948 | 1,632 | 3,662 | ||||||||
Total revenue | 87,664 | 113,352 | 56,261 | ||||||||
Service revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 29,176 | 37,489 | 9,493 | ||||||||
Revenue accounted for under other guidance | 0 | 0 | 0 | ||||||||
Total revenue | 29,176 | 37,489 | 9,493 | ||||||||
Federal government | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 1,661 | 1,301 | 3,221 | ||||||||
Federal government | Product revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 696 | 922 | 2,579 | ||||||||
Federal government | Service revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 965 | 379 | 642 | ||||||||
Commercial and industrial | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 112,174 | 147,852 | 58,814 | ||||||||
Commercial and industrial | Product revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 83,963 | 110,742 | 49,963 | ||||||||
Commercial and industrial | Service revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 28,211 | 37,110 | 8,851 | ||||||||
Total lighting | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 113,835 | 149,153 | 62,035 | ||||||||
Total lighting | Product revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 84,659 | 111,664 | 52,542 | ||||||||
Total lighting | Service revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 29,176 | 37,489 | 9,493 | ||||||||
Solar energy related revenues | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 57 | 56 | 57 | ||||||||
Solar energy related revenues | Product revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 57 | 56 | 57 | ||||||||
Solar energy related revenues | Service revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | $ 0 | $ 0 | $ 0 |
REVENUE - Summary of Contract A
REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Accounts receivable, net | $ 13,572 | $ 10,427 |
Contract assets | 2,367 | 1,082 |
Contract liabilities | $ 11 | $ 31 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts receivable, minimum period due | 30 days |
Accounts receivable, maximum period due | 60 days |
ACCOUNTS RECEIVABLE (Accounts R
ACCOUNTS RECEIVABLE (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable, gross | $ 13,583 | $ 10,455 |
Allowance for doubtful accounts | (11) | (28) |
Accounts receivable, net | $ 13,572 | $ 10,427 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Minimum | |
Inventory [Line Items] | |
Inventory consideration usage | 9 months |
Maximum | |
Inventory [Line Items] | |
Inventory consideration usage | 12 months |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Cost | ||
Raw materials and components | $ 12,410 | $ 9,639 |
Work in process | 758 | 699 |
Finished goods | 8,295 | 6,598 |
Total | 21,463 | 16,936 |
Reserve | ||
Raw materials and components | (967) | (1,244) |
Work in process | (356) | (305) |
Finished goods | (586) | (880) |
Total | (1,909) | (2,429) |
Net | ||
Raw materials and components | 11,443 | 8,395 |
Work in process | 402 | 394 |
Finished goods | 7,709 | 5,718 |
Total | $ 19,554 | $ 14,507 |
PROPERTY AND EQUIPMENT (Summary
PROPERTY AND EQUIPMENT (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Property and equipment | ||
Gross property and equipment | $ 35,205 | $ 34,530 |
Less: accumulated depreciation and amortization | (23,836) | (22,713) |
Net property and equipment | 11,369 | 11,817 |
Land and land improvements | ||
Property and equipment | ||
Gross property and equipment | 433 | 433 |
Buildings and building improvements | ||
Property and equipment | ||
Gross property and equipment | 9,477 | 9,470 |
Furniture, fixtures and office equipment | ||
Property and equipment | ||
Gross property and equipment | 7,372 | 7,270 |
Leasehold Improvements | ||
Property and equipment | ||
Gross property and equipment | 340 | 324 |
Equipment leased to customers | ||
Property and equipment | ||
Gross property and equipment | 4,997 | 4,997 |
Plant equipment | ||
Property and equipment | ||
Gross property and equipment | 12,451 | 12,021 |
Construction in progress | ||
Property and equipment | ||
Gross property and equipment | $ 135 | $ 15 |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 1,190 | $ 1,203 | $ 1,339 |
Interest capitalized for construction in progress | $ 0 | $ 0 |
PROPERTY AND EQUIPMENT (Useful
PROPERTY AND EQUIPMENT (Useful Lives) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Land improvements | Minimum | |
Property and equipment | |
Property, plant and equipment, useful life | 10 years |
Land improvements | Maximum | |
Property and equipment | |
Property, plant and equipment, useful life | 15 years |
Buildings and building improvements | Minimum | |
Property and equipment | |
Property, plant and equipment, useful life | 10 years |
Buildings and building improvements | Maximum | |
Property and equipment | |
Property, plant and equipment, useful life | 39 years |
Furniture, fixtures and office equipment | Minimum | |
Property and equipment | |
Property, plant and equipment, useful life | 2 years |
Furniture, fixtures and office equipment | Maximum | |
Property and equipment | |
Property, plant and equipment, useful life | 10 years |
Leasehold Improvements | |
Property and equipment | |
Property, plant and equipment, useful life | Shorter of asset life or life of lease |
Equipment leased to customers under Power Purchase Agreements | |
Property and equipment | |
Property, plant and equipment, useful life | 20 years |
Plant equipment | Minimum | |
Property and equipment | |
Property, plant and equipment, useful life | 3 years |
Plant equipment | Maximum | |
Property and equipment | |
Property, plant and equipment, useful life | 10 years |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Millions | Jan. 31, 2020ft² | Mar. 31, 2021USD ($) | Mar. 31, 2020 | Feb. 28, 2014ft² |
Lessee Lease Description [Line Items] | ||||
Lessee, operating lease, option to terminate | The prior lease agreement for this facility provided the lessor the right to terminate the lease agreement at any time with 12 months’ notice to Orion. As a result, the agreement was previously classified as a short-term lease. | |||
Lessee, operating lease, existence of option to terminate | true | |||
Term of other leases | 5 years | |||
Operating lease, weighted average discount rate | 5.40% | |||
Operating lease, weighted average remaining lease term | 4 years 7 months 6 days | |||
Operating lease costs | $ | $ 0.9 | |||
Lessor, Operating Lease, Existence of Option to Extend [true false] | true | true | ||
Manitowoc, WI | ||||
Lessee Lease Description [Line Items] | ||||
Area of leased property | 266,000 | |||
Lease term of agreement | 10 years | |||
Lessee, sale leaseback, option to terminate, minimum period | 6 years | |||
Jacksonville Florida | ||||
Lessee Lease Description [Line Items] | ||||
Area of operating leased property | 10,500 | |||
Termination of lease | Jun. 30, 2023 |
LEASES (Summary of Assets Lease
LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | ||
Operating lease assets | $ 2,585 | $ 2,745 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other long-term assets | Other long-term assets |
Operating lease liabilities current | $ 647 | $ 691 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other | Accrued expenses and other |
Operating lease liabilities non-current | $ 2,642 | $ 2,830 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Total lease liabilities | $ 3,289 | $ 3,521 |
LEASES (Summary of Estimated Ma
LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | ||
Fiscal 2022 | $ 810 | |
Fiscal 2023 | 820 | |
Fiscal 2024 | 746 | |
Fiscal 2025 | 735 | |
Fiscal 2026 | 628 | |
Total lease payments | 3,739 | |
Less: Interest | (450) | |
Present value of lease liabilities | $ 3,289 | $ 3,521 |
LEASES (Schedule of Revenue and
LEASES (Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Product revenue | $ 2,758 | $ 1,362 |
Cost of product revenue | $ 2,512 | $ 1,208 |
OTHER INTANGIBLE ASSETS (Useful
OTHER INTANGIBLE ASSETS (Useful Lives) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Patents | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life descrption | Straight-line |
Patents | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 10 years |
Patents | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 17 years |
Licenses | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life descrption | Straight-line |
Licenses | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 7 years |
Licenses | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 13 years |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life descrption | Accelerated based upon the pattern of economic benefits consumed |
Customer relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 5 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 8 years |
Developed technology | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 8 years |
Intangible assets, useful life descrption | Accelerated based upon the pattern of economic benefits consumed |
OTHER INTANGIBLE ASSETS, NET (S
OTHER INTANGIBLE ASSETS, NET (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 8,365 | $ 8,338 |
Accumulated Amortization | (6,413) | (6,122) |
Intangible Assets, Net | 1,952 | 2,216 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,796 | 2,766 |
Accumulated Amortization | (1,875) | (1,700) |
Intangible Assets, Net | 921 | 1,066 |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 58 | 58 |
Accumulated Amortization | (58) | (58) |
Intangible Assets, Net | 0 | 0 |
Trade name and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,011 | 1,014 |
Accumulated Amortization | 0 | 0 |
Intangible Assets, Net | 1,011 | 1,014 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,600 | 3,600 |
Accumulated Amortization | (3,591) | (3,545) |
Intangible Assets, Net | 9 | 55 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 900 | 900 |
Accumulated Amortization | (889) | (819) |
Intangible Assets, Net | $ 11 | $ 81 |
OTHER INTANGIBLE ASSETS (Narrat
OTHER INTANGIBLE ASSETS (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Weighted average | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 3 years 9 months |
OTHER INTANGIBLE ASSETS (Summar
OTHER INTANGIBLE ASSETS (Summary of Estimated Amortization Expense) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Estimated Amortization Expense | |
Fiscal 2022 | $ 206 |
Fiscal 2023 | 115 |
Fiscal 2024 | 111 |
Fiscal 2025 | 100 |
Fiscal 2026 | 90 |
Thereafter | 319 |
Total | $ 941 |
OTHER INTANGIBLE ASSETS (Summ_2
OTHER INTANGIBLE ASSETS (Summary of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 290 | $ 359 | $ 444 |
Cost of product revenue | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 175 | 171 | 171 |
Cost of product revenue | Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 175 | 171 | 171 |
Operating Expenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 115 | 188 | 273 |
Operating Expenses | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 47 | 86 | 133 |
Operating Expenses | Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 68 | 102 | 135 |
Operating Expenses | Non-competition agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 0 | $ 0 | $ 5 |
ACCRUED EXPENSES AND OTHER (Acc
ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 2,851 | $ 2,594 |
Sales tax | 1,318 | 513 |
Accrued project costs | 5,010 | 1,173 |
Legal and professional fees | 497 | 312 |
Warranty | 705 | 708 |
Sales returns reserve | 106 | 98 |
Credits due to customers | 1,009 | 932 |
Other accruals | 1,730 | 898 |
Total | $ 13,226 | $ 7,228 |
ACCRUED EXPENSES AND OTHER (Nar
ACCRUED EXPENSES AND OTHER (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Limited warranty term | 1 year |
Maximum | |
Product Warranty Liability [Line Items] | |
Limited warranty term | 10 years |
ACCRUED EXPENSES AND OTHER (War
ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Movement in Standard Product Warranty Accrual | ||
Beginning of year | $ 1,069 | $ 657 |
Accruals | 644 | 863 |
Warranty claims (net of vendor reimbursements) | (704) | (451) |
End of year | $ 1,009 | $ 1,069 |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON SHARE (Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | |||||||||||
Net income (loss) | $ 22,124 | $ 4,315 | $ 1,914 | $ (2,219) | $ (531) | $ 2,304 | $ 6,721 | $ 3,968 | $ 26,134 | $ 12,462 | $ (6,674) |
Denominator: | |||||||||||
Weighted-average common shares outstanding | 30,782,000 | 30,736,000 | 30,669,000 | 30,352,000 | 30,259,000 | 30,244,000 | 30,189,000 | 29,723,000 | 30,634,553 | 30,104,552 | 29,429,540 |
Weighted-average effect of assumed conversion of stock options and restricted stock | 669,174 | 860,225 | |||||||||
Weighted-average common shares and share equivalents outstanding | 31,295,000 | 31,320,000 | 31,170,000 | 30,352,000 | 30,259,000 | 30,824,000 | 30,830,000 | 30,551,000 | 31,303,727 | 30,964,777 | 29,429,540 |
Net income (loss) per common share: | |||||||||||
Basic | $ 0.72 | $ 0.14 | $ 0.06 | $ (0.07) | $ (0.02) | $ 0.08 | $ 0.22 | $ 0.13 | $ 0.85 | $ 0.41 | $ (0.23) |
Diluted | $ 0.71 | $ 0.14 | $ 0.06 | $ (0.07) | $ (0.02) | $ 0.07 | $ 0.22 | $ 0.13 | $ 0.83 | $ 0.40 | $ (0.23) |
NET INCOME (LOSS) PER COMMON _4
NET INCOME (LOSS) PER COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income (Loss) Per Common Share ) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Number of potentially dilutive securities | ||
Potentially dilutive securities outstanding (in shares) | 164,072 | 1,780,429 |
Common stock options | ||
Number of potentially dilutive securities | ||
Potentially dilutive securities outstanding (in shares) | 164,072 | 467,836 |
Restricted shares | ||
Number of potentially dilutive securities | ||
Potentially dilutive securities outstanding (in shares) | 1,312,593 |
LONG-TERM DEBT (Summary of Long
LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Long-term debt | ||
Total long-term debt | $ 49 | $ 10,098 |
Less current maturities | (14) | (35) |
Long-term debt, less current maturities | 35 | 10,063 |
Revolving credit facility | ||
Long-term debt | ||
Total long-term debt | 10,013 | |
Equipment debt obligations | ||
Long-term debt | ||
Total long-term debt | $ 49 | $ 85 |
LONG-TERM DEBT (Narrative) (Det
LONG-TERM DEBT (Narrative) (Details) | Dec. 29, 2020USD ($) | Mar. 31, 2021USD ($) | Feb. 28, 2019USD ($) | Oct. 26, 2018USD ($) |
Line Of Credit Facility [Line Items] | ||||
Loss on debt extinguishment | $ 90,000 | |||
Prior Credit Agreement | Western Alliance Bank | Line of credit | Revolving credit facility | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility, amount | $ 20,150,000 | |||
Credit agreement, maturity date | Oct. 26, 2021 | |||
Credit agreement, early termination fees | $ 0 | |||
Loss on debt extinguishment | 100,000 | |||
Credit Agreement | Bank Of America N A | Line of credit | Revolving credit facility | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility, amount | $ 25,000,000 | |||
Credit agreement period | 5 years | |||
Credit agreement, maturity date | Dec. 29, 2025 | |||
Credit agreement, amounts borrowed | $ 0 | |||
Credit agreement, annual facility fee | $ 15,000 | |||
Credit agreement, basis points on unused portion of credit facility for fee | 0.25% | |||
Credit agreement, springing minimum fixed cost coverage ratio | 1 | |||
Credit agreement, springing minimum fixed cost coverage ratio covenant amount of excess availability under credit facility | $ 3,000,000 | |||
Credit agreement, springing minimum fixed cost coverage ratio covenant percentage of committed facility | 15.00% | |||
Debt Instrument 1 | Equipment debt obligations | ||||
Line Of Credit Facility [Line Items] | ||||
Principal amount of debt | $ 44,000 | |||
Stated interest rate, percentage | 6.43% | |||
Debt maturity month and year | 2024-01 | |||
Debt Instrument 2 | Equipment debt obligations | ||||
Line Of Credit Facility [Line Items] | ||||
Principal amount of debt | $ 30,000 | |||
Stated interest rate, percentage | 8.77% | |||
Debt maturity month and year | 2024-01 |
LONG-TERM DEBT (Aggregate Matur
LONG-TERM DEBT (Aggregate Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Debt Disclosure [Abstract] | ||
Fiscal 2022 | $ 14 | |
Fiscal 2023 | 14 | |
Fiscal 2024 | 17 | |
Fiscal 2025 | 4 | |
Total long-term debt | $ 49 | $ 10,098 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Tax Expense or Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ 244 | $ 84 | $ (5) | |
Deferred income tax benefit | $ (20,900) | (19,860) | 75 | 19 |
Total provision (benefit) for income taxes | (19,616) | 159 | 14 | |
Federal, Current | 0 | 17 | (16) | |
Federal, Deferred | (16,217) | 39 | 19 | |
Total Federal | (16,217) | 56 | 3 | |
State, Current | 244 | 67 | 11 | |
State, Deferred | (3,643) | 36 | 0 | |
Total State | $ (3,399) | $ 103 | $ 11 |
INCOME TAXES (Reconciliation of
INCOME TAXES (Reconciliation of Tax Rates) (Details) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% |
State taxes, net | 3.70% | 6.50% | 5.60% |
Federal tax credit | (0.00%) | (0.00%) | (0.30%) |
Change in valuation reserve | (321.40%) | (25.00%) | (23.80%) |
Permanent items | (3.40%) | (1.00%) | (1.10%) |
Change in tax contingency reserve | (0.50%) | 0.20% | 0.00% |
Federal refunds | 0.00% | 0.00% | 0.30% |
Equity compensation cancellations | 0.60% | 0.20% | (1.00%) |
Other, net | (1.00%) | (0.60%) | (0.90%) |
Effective income tax rate | (301.00%) | 1.30% | (0.20%) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets: | ||
Inventory, accruals and reserves | $ 860 | $ 1,046 |
Federal and state operating loss carry-forwards | 18,313 | 19,540 |
Tax credit carry-forwards | 1,916 | 1,916 |
Equity compensation | 198 | 250 |
Deferred revenue | 38 | 18 |
Lease liability | 853 | 903 |
Other | 406 | 121 |
Total deferred tax assets | 22,584 | 23,794 |
Valuation allowance | (1,279) | (22,228) |
Deferred tax assets, net of valuation allowance | 21,305 | 1,566 |
Deferred tax liabilities: | ||
Lease ROU asset | (670) | (704) |
Fixed assets | (626) | (689) |
Intangible assets | (224) | (248) |
Total deferred tax liabilities | (1,520) | (1,641) |
Total net deferred tax assets | $ 19,785 | |
Total net deferred tax liabilities | $ (75) |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 1,279 | $ 22,228 | ||
Net valuation allowance release | $ 20,900 | |||
Increase (decrease) in valuation allowance | (3,200) | |||
Period of cumulative pretax income | 3 years | |||
Deferred taxes assets | $ 20,900 | |||
Unrecognized tax benefits | 285 | 259 | $ 130 | $ 129 |
Unrecognized tax benefits that would impact effective tax rate | $ 300 | |||
Minimum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Examination period for state income tax returns | 3 years | |||
Maximum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Examination period for state income tax returns | 5 years | |||
Tax Year 2022 To 2040 | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforwards | 123,600 | |||
Tax Not Subject To Time Restriction | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforwards | $ 8,400 | |||
NOL carryforwards, percentage of adjusted taxable income to offset | 80.00% | |||
Domestic Country | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforwards | $ 69,400 | |||
Tax credit carryforwards | 1,300 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforwards | 61,800 | |||
Tax credit carryforwards | 800 | |||
Foreign Country | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforwards | $ 800 |
INCOME TAXES (Unrecognized Tax
INCOME TAXES (Unrecognized Tax Benefit Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits as of beginning of fiscal year | $ 259 | $ 130 | $ 129 |
Additions based on tax positions related to the current period positions | 123 | 23 | 1 |
(Reductions) for tax positions of prior years | (97) | ||
Additions for tax positions of prior years | 106 | 0 | |
Unrecognized tax benefits as of end of fiscal year | $ 285 | $ 259 | $ 130 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Long-term Purchase Commitment [Line Items] | |||
Discretionary company contributions to retirement savings plan | $ 100 | $ 100 | $ 9 |
Inventories | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase commitments | $ 13,100 |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) | Jan. 03, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2021 | Aug. 31, 2010 |
Equity Class Of Treasury Stock [Line Items] | ||||||||
Rights agreement extended term | 3 years | |||||||
Common stock purchased per right | 1 | |||||||
Right issue share price | $ 7 | |||||||
Minimum subscription percentage | 20.00% | |||||||
Number of business days to trigger a distribution date | 10 days | |||||||
Share acquisition percentage | 50.00% | |||||||
Prior to a person becoming an acquiring person, the board of directors of the company's redemption rate | $ 0.001 | |||||||
Employee stock purchase plan, shares authorized | 2,500,000 | |||||||
Maximum amount limit for ESPP per employee | $ 20,000 | |||||||
Purchase price to market price matching percentage | 100.00% | |||||||
At Market Issuance Sales Agreement | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Sale of share | 0 | |||||||
Maximum | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Proceeds from issuance of debt or sale of equity securities | $ 100,000,000 | |||||||
Maximum | At Market Issuance Sales Agreement | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Proceeds from sale of common stock | $ 50,000,000 | |||||||
2011 & 2012 | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | |||||
Treasury stock acquired | 3,022,349 | |||||||
Repurchase of common stock into treasury | $ 6,800,000 | |||||||
Stock repurchased during period, shares | 0 | 0 | 0 |
SHAREHOLDERS' EQUITY (Schedule
SHAREHOLDERS' EQUITY (Schedule of ESPP Activity) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Shares issued from treasury | ||||||||||
Shares Issued Under ESPP Plan | 359 | 178 | 151 | 458 | 512 | 666 | 570 | 613 | 1,146 | 2,361 |
Closing Market Price | $ 6.90 | $ 9.87 | $ 7.57 | $ 3.46 | $ 3.70 | $ 3.35 | $ 2.85 | $ 2.97 | ||
Minimum | ||||||||||
Shares issued from treasury | ||||||||||
Closing Market Price | $ 3.46 | $ 2.85 | ||||||||
Maximum | ||||||||||
Shares issued from treasury | ||||||||||
Closing Market Price | $ 6.90 | $ 3.70 |
STOCK OPTIONS AND RESTRICTED _3
STOCK OPTIONS AND RESTRICTED SHARES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Aug. 07, 2019 | Aug. 03, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 753 | $ 618 | $ 825 | ||
Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 800 | ||||
Weighted average grant-date fair value (usd per share) | $ 4.27 | ||||
2016 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved shares for issuance to eligible participants (in shares) | 3,500,000 | 1,750,000 | |||
Increase in number of common stock shares available for issuance | 1,750,000 | ||||
Number of shares available for grant | 1,578,445 |
STOCK OPTIONS AND RESTRICTED _4
STOCK OPTIONS AND RESTRICTED SHARES (Stock-based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation | |||
Total | $ 753 | $ 618 | $ 825 |
Cost of product revenue | |||
Stock-based compensation | |||
Total | 4 | 3 | 2 |
Cost of service revenue | |||
Stock-based compensation | |||
Total | (1) | 3 | |
General and administrative | |||
Stock-based compensation | |||
Total | 716 | 576 | 764 |
Sales and marketing | |||
Stock-based compensation | |||
Total | 29 | 38 | 54 |
Research and development | |||
Stock-based compensation | |||
Total | $ 4 | $ 2 | $ 2 |
STOCK OPTIONS AND RESTRICTED _5
STOCK OPTIONS AND RESTRICTED SHARES (Summary of Outstanding Stock Options) (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Shares | |||
Beginning Balance (shares) | 396,300 | 467,836 | 629,667 |
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | (99,000) | (22,362) | 0 |
Forfeited (shares) | (100,982) | (49,174) | (161,831) |
Ending Balance (shares) | 196,318 | 396,300 | 467,836 |
Number of Shares, Exercisable (shares) | 196,318 | ||
Weighted Average Exercise Price | |||
Beginning Balance (in dollars per share) | $ 2.80 | $ 3.14 | $ 3.36 |
Granted Stock Options (in dollars per share) | 0 | 0 | 0 |
Exercised (in dollars per share) | 2.34 | 2.51 | 0 |
Forfeited (in dollars per share) | 3.39 | 4.63 | 3.61 |
Ending Balance (in dollars per share) | $ 2.74 | $ 2.80 | $ 3.14 |
STOCK OPTIONS AND RESTRICTED _6
STOCK OPTIONS AND RESTRICTED SHARES (Summary of Exercise Price Range) (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding and Vested (shares) | 196,318 | 396,300 | 467,836 | 629,667 |
Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 9 days | |||
Weighted Average Exercise Price (usd per share) | $ 2.74 | $ 2.80 | $ 3.14 | $ 3.36 |
$2.00 - 2.03 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit (usd per share) | 2 | |||
Exercise Price Range, Upper Range Limit (usd per share) | $ 2.03 | |||
Outstanding and Vested (shares) | 57,292 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 15 days | |||
Weighted Average Exercise Price (usd per share) | $ 2.03 | |||
$2.41 - 2.75 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit (usd per share) | 2.41 | |||
Exercise Price Range, Upper Range Limit (usd per share) | $ 2.75 | |||
Outstanding and Vested (shares) | 92,936 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 6 months 10 days | |||
Weighted Average Exercise Price (usd per share) | $ 2.46 | |||
$4.19 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding and Vested (shares) | 46,090 | |||
Weighted Average Remaining Contractual Life (Years) | 1 month 24 days | |||
Weighted Average Exercise Price (usd per share) | $ 4.19 |
STOCK OPTIONS AND RESTRICTED _7
STOCK OPTIONS AND RESTRICTED SHARES (Schedule of Restricted Shares) (Details) - Restricted shares - $ / shares | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares outstanding, beginning of the period (shares) | 772,720 | 1,312,593 | 1,485,799 |
Shares issued (shares) | 287,998 | 279,468 | 529,000 |
Shares vested (shares) | (450,481) | (669,238) | (653,394) |
Shares forfeited (shares) | (140,598) | (150,103) | (48,812) |
Shares outstanding, end of the period (shares) | 469,639 | 772,720 | 1,312,593 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Per share price on grant date (usd per share) | $ 3.92 | $ 2.69 | $ 0.84 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Per share price on grant date (usd per share) | $ 10.01 | $ 3.03 | $ 1 |
STOCK OPTIONS AND RESTRICTED _8
STOCK OPTIONS AND RESTRICTED SHARES (Summary of Unrecognized Compensation Cost) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Fiscal 2022 | $ 484 |
Fiscal 2023 | 361 |
Fiscal 2024 | 93 |
Fiscal 2025 | 10 |
Total | $ 948 |
Remaining weighted average expected term | 3 years 1 month 6 days |
SEGMENT DATA (Reconciliation of
SEGMENT DATA (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Corporate and Other | |||||||||||
Revenues | $ 35,497 | $ 44,251 | $ 26,281 | $ 10,811 | $ 25,892 | $ 34,249 | $ 48,322 | $ 42,378 | $ 116,840 | $ 150,841 | $ 65,754 |
Operating Income (Loss) | 6,836 | 13,110 | (6,157) | ||||||||
Depreciation and Amortization | 1,480 | 1,562 | 1,783 | ||||||||
Capital Expenditures | 902 | 814 | 455 | ||||||||
Operating Segments | U.S. Markets | |||||||||||
Corporate and Other | |||||||||||
Revenues | 11,475 | 13,010 | 10,656 | ||||||||
Operating Income (Loss) | 1,683 | 2,447 | 1,132 | ||||||||
Depreciation and Amortization | 128 | 126 | 233 | ||||||||
Capital Expenditures | 107 | 78 | 31 | ||||||||
Operating Segments | Engineered Systems | |||||||||||
Corporate and Other | |||||||||||
Revenues | 84,243 | 122,744 | 30,925 | ||||||||
Operating Income (Loss) | 7,472 | 16,164 | (1,237) | ||||||||
Depreciation and Amortization | 913 | 1,013 | 774 | ||||||||
Capital Expenditures | 516 | 302 | 165 | ||||||||
Operating Segments | Distribution Services | |||||||||||
Corporate and Other | |||||||||||
Revenues | 21,122 | 15,087 | 24,173 | ||||||||
Operating Income (Loss) | 2,430 | (852) | (1,742) | ||||||||
Depreciation and Amortization | 231 | 187 | 485 | ||||||||
Capital Expenditures | 158 | 81 | 44 | ||||||||
Corporate and Other | |||||||||||
Corporate and Other | |||||||||||
Operating Income (Loss) | (4,749) | (4,649) | (4,310) | ||||||||
Depreciation and Amortization | 208 | 236 | 291 | ||||||||
Capital Expenditures | $ 121 | $ 353 | $ 215 |
SEGMENT DATA (Reconciliation _2
SEGMENT DATA (Reconciliation of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Corporate and Other | ||
Total Assets | $ 92,821 | $ 72,563 |
Operating Segments | U.S. Markets | ||
Corporate and Other | ||
Total Assets | 6,057 | 4,859 |
Operating Segments | Engineered Systems | ||
Corporate and Other | ||
Total Assets | 29,856 | 22,354 |
Operating Segments | Distribution Services | ||
Corporate and Other | ||
Total Assets | 6,530 | 5,502 |
Corporate and Other | ||
Corporate and Other | ||
Total Assets | $ 50,378 | $ 39,848 |
RESTRUCTURING EXPENSE (Narrativ
RESTRUCTURING EXPENSE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring And Related Activities [Abstract] | ||||
Total restructuring charges | $ 400 | $ 400 | $ 391 | $ 43 |
RESTRUCTURING EXPENSE (Restruct
RESTRUCTURING EXPENSE (Restructuring by Statement of Operations Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | $ 400 | $ 400 | $ 391 | $ 43 |
Cost of product revenue | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | 82 | |||
Cost of product service | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | 74 | 26 | ||
General and administrative | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | 28 | $ 17 | ||
Sales and marketing | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | $ 207 |
RESTRUCTURING EXPENSE (Restru_2
RESTRUCTURING EXPENSE (Restructuring by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | $ 400 | $ 400 | $ 391 | $ 43 |
Operating Segments | Orion Engineered Systems | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | 139 | |||
Operating Segments | Orion Distribution Systems | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | 142 | 12 | ||
Corporate and Other | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | $ 110 | $ 31 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent Event - Ndustrial - Series A Financing $ in Millions | May 05, 2021USD ($) |
Subsequent Event [Line Items] | |
Strategic investment to be made | $ 0.5 |
Secured equity stake through participation | $ 6 |
QUARTERLY FINANCIAL DATA (UNA_3
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenue | $ 35,497 | $ 44,251 | $ 26,281 | $ 10,811 | $ 25,892 | $ 34,249 | $ 48,322 | $ 42,378 | $ 116,840 | $ 150,841 | $ 65,754 |
Gross profit | 9,220 | 11,006 | 7,263 | 2,635 | 5,775 | 8,274 | 12,791 | 10,283 | 30,124 | 37,123 | 14,552 |
Net income (loss) | $ 22,124 | $ 4,315 | $ 1,914 | $ (2,219) | $ (531) | $ 2,304 | $ 6,721 | $ 3,968 | $ 26,134 | $ 12,462 | $ (6,674) |
Basic net income (loss) per share | $ 0.72 | $ 0.14 | $ 0.06 | $ (0.07) | $ (0.02) | $ 0.08 | $ 0.22 | $ 0.13 | $ 0.85 | $ 0.41 | $ (0.23) |
Shares used in basic per share calculation | 30,782,000 | 30,736,000 | 30,669,000 | 30,352,000 | 30,259,000 | 30,244,000 | 30,189,000 | 29,723,000 | 30,634,553 | 30,104,552 | 29,429,540 |
Diluted net income (loss) per share | $ 0.71 | $ 0.14 | $ 0.06 | $ (0.07) | $ (0.02) | $ 0.07 | $ 0.22 | $ 0.13 | $ 0.83 | $ 0.40 | $ (0.23) |
Shares used in diluted per share calculation | 31,295,000 | 31,320,000 | 31,170,000 | 30,352,000 | 30,259,000 | 30,824,000 | 30,830,000 | 30,551,000 | 31,303,727 | 30,964,777 | 29,429,540 |
QUARTERLY FINANCIAL DATA (UNA_4
QUARTERLY FINANCIAL DATA (UNAUDITED) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |||||
Restructuring charge | $ 400 | $ 400 | $ 391 | $ 43 | |
Deferred income tax benefit | $ (20,900) | $ (19,860) | $ 75 | $ 19 |