ORION ENERGY SYSTEMS INC
For the period ended Mar 31, 2024. Filed Jun 12, 2024.
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FY2024 · Filed Jun 12, 2024
OESX$12.11-8.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Fiscal Year Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities | |||
| Net (loss) income | $(11,671) | $(34,341) | $6,091 |
| Adjustments to reconcile net (loss) income to net cash used in | |||
| operating activities: | |||
| Depreciation | 1,410 | 1,369 | 1,327 |
| Amortization of intangible assets | 1,085 | 653 | 227 |
| Stock-based compensation | 950 | 1,612 | 813 |
| Impairment on intangibles | 456 | — | — |
| Amortization of debt issue costs | 95 | 73 | 62 |
| Deferred income tax benefit | (5) | 17,881 | 1,980 |
| Impairment of property and equipment | 69 | — | — |
| Loss (gain) on sale of property and equipment | 84 | 27 | (77) |
| Provision for inventory reserves | 562 | 628 | 623 |
| Provision for credit losses/bad debts | 170 | 65 | 10 |
| Other | 12 | 96 | 26 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (464) | (586) | 4,407 |
| Revenue earned but not billed | (3,219) | 1,426 | 851 |
| Inventories | (603) | 1,879 | (420) |
| Prepaid expenses and other assets | (1,384) | 2,017 | (888) |
| Accounts payable | 4,990 | 2,372 | (8,125) |
| Accrued expenses and other liabilities | (2,334) | 2,209 | (6,933) |
| Deferred revenue, current and long-term | (295) | 329 | (87) |
| Net cash (used in) provided by operating activities | (10,092) | (2,291) | (113) |
| Investing activities | |||
| Cash to fund acquisitions, net of cash received | — | (5,600) | (4,012) |
| Cash paid for investment | — | — | (500) |
| Purchase of property and equipment | (837) | (586) | (518) |
| Additions to patents and licenses | — | (9) | (10) |
| Proceeds from sales of property, plant and equipment | 106 | — | 122 |
| Net cash used in investing activities | (731) | (6,195) | (4,918) |
| Financing activities | |||
| Payment of long-term debt | (15) | (15) | (14) |
| Proceeds from revolving credit facility | — | 10,000 | — |
| Payments to settle employee tax withholdings on stock-based compensation | (2) | (2) | (5) |
| Debt issue costs | — | (29) | (4) |
| Proceeds from employee equity exercises | 3 | 58 | 127 |
| Net cash (used in) provided by financing activities | (14) | 10,012 | 104 |
| Net (decrease) increase in cash and cash equivalents | (10,837) | 1,526 | (4,927) |
| Cash and cash equivalents at beginning of period | 15,992 | 14,466 | 19,393 |
| Cash and cash equivalents at end of period | $5,155 | $15,992 | $14,466 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $(691) | $(346) | $(68) |
| Cash paid for income taxes | $(59) | $(87) | $(203) |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Issuance of common stock in connection with acquisition | $— | $800 | $— |
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