Thermon (THR) 10-Q 9 Nov 21 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Cover [Abstract]
Title of 12(b) Security	Common Stock, $0.001 par value per share
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-35159
Entity Registrant Name	THERMON GROUP HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2228185
Entity Address, Address Line One	7171 Southwest Parkway
Entity Address, Address Line Two	Building 300
Entity Address, Address Line Three	Suite 200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	512
Local Phone Number	690-0600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,341,847
Entity Central Index Key	0001489096
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	THR
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 38,242	$ 40,124
Accounts receivable, net of allowances of $3,310 and $2,074 as of September 30, 2021 and March 31, 2021, respectively	82,368	74,501
Inventories, net	65,618	63,790
Contract assets	13,216	11,379
Prepaid expenses and other current assets	11,469	8,784
Income tax receivable	10,519	8,231
Total current assets	221,432	206,809
Property, plant and equipment, net	68,253	72,630
Goodwill	211,217	213,038
Intangible assets, net	98,459	103,784
Operating lease right-of-use assets	11,496	12,619
Deferred income taxes	1,124	2,586
Other long-term assets	6,934	6,412
Total assets	618,915	617,878
Current liabilities:
Accounts payable	30,993	19,722
Accrued liabilities	23,589	23,888
Current portion of long term debt	5,242	2,500
Contract liabilities	3,955	2,959
Lease liabilities	3,409	3,511
Income taxes payable	503	218
Total current liabilities	67,691	52,798
Long-term debt, net	133,845	143,017
Deferred income taxes	19,404	21,006
Non-current lease liabilities	11,052	12,373
Other noncurrent liabilities	9,398	9,812
Total liabilities	241,390	239,006
Commitments and contingencies (Note 9)
Equity
Common stock: $0.001 par value; 150,000,000 authorized; 33,333,843 and 33,225,808 shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively	33	33
Preferred stock: $0.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid in capital	233,280	231,322
Accumulated other comprehensive loss	(39,362)	(35,919)
Retained earnings	183,574	183,436
Total equity	377,525	378,872
Total liabilities and equity	$ 618,915	$ 617,878

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Depreciation and amortization	$ 53,821	$ 43,550
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	33,333,843	33,225,808
Common stock, shares outstanding	33,333,843	33,225,808
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Thermon Holding Corp.
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 3,310	$ 2,074

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Sales	$ 81,322	$ 66,406	$ 152,477	$ 123,254
Cost of sales	49,601	37,475	94,218	70,204
Gross profit	31,721	28,931	58,259	53,050
Operating expenses:
Selling, general and administrative expenses	23,320	21,550	44,721	45,940
Deferred compensation plan expense/(income)	(14)	251	318	781
Amortization of intangible assets	2,190	2,097	4,426	5,130
Restructuring and other charges/(income)	0	1,987	(414)	4,908
Income/(loss) from operations	6,225	3,046	9,208	(3,709)
Other income/(expenses):
Interest expense, net	(2,022)	(2,416)	(4,187)	(4,971)
Other income/(expense)	(2,956)	582	(2,890)	1,314
Income/(loss) before provision for income taxes	1,247	1,212	2,131	(7,366)
Income tax expense/(benefit)	770	(626)	1,994	(3,119)
Net income/(loss)	477	1,838	137	(4,247)
Net income/(loss)	477	1,838	137	(4,247)
Comprehensive income/(loss):
Net income/(loss)	477	1,838	137	(4,247)
Foreign currency translation adjustment	(7,625)	5,254	(3,430)	14,729
Other miscellaneous income/(loss)	51	(199)	(13)	(579)
Comprehensive income/(loss)	$ (7,097)	$ 6,893	$ (3,306)	$ 9,903
Net income/(loss) per common share:
Basic (in dollars per share)	$ 0.01	$ 0.06	$ 0	$ (0.13)
Diluted (in dollars per share)	$ 0.01	$ 0.06	$ 0	$ (0.13)
Weighted-average shares used in computing net income/(loss) per common share:
Basic (in shares)	33,328,568	33,164,921	33,268,825	33,075,902
Diluted (in shares)	33,592,824	33,417,654	33,456,577	33,075,902

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings/ (Loss)	Accumulated Other Comprehensive Income/(Loss)	EmployeesCommon Stock	Executive OfficerCommon Stock	DirectorCommon Stock
Beginning balance (in shares) at Mar. 31, 2020		32,916,818
Beginning balance at Mar. 31, 2020	$ 346,439	$ 33	$ 227,741	$ 182,559	$ (63,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		81,995
Issuance of common stock in exercise of stock options	437	$ 0	437
Issuance of common stock (in shares)						39,458	63,477	13,520
Stock compensation expense	1,133		1,133
Repurchase of employee stock units on vesting	(557)		(557)
Net income/(loss)	(6,085)			(6,085)
Foreign currency translation adjustment	9,475				9,475
Other	(380)				(380)
Ending balance (in shares) at Jun. 30, 2020		33,115,268
Ending balance at Jun. 30, 2020	350,462	$ 33	228,754	176,474	(54,799)
Beginning balance (in shares) at Mar. 31, 2020		32,916,818
Beginning balance at Mar. 31, 2020	346,439	$ 33	227,741	182,559	(63,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(4,247)
Ending balance (in shares) at Sep. 30, 2020		33,169,798
Ending balance at Sep. 30, 2020	358,599	$ 33	229,998	178,312	(49,744)
Beginning balance (in shares) at Jun. 30, 2020		33,115,268
Beginning balance at Jun. 30, 2020	350,462	$ 33	228,754	176,474	(54,799)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		1,344
Issuance of common stock in exercise of stock options	15		15
Issuance of common stock (in shares)						33,789	6,005	13,392
Stock compensation expense	1,358		1,358
Repurchase of employee stock units on vesting	(129)		(129)
Net income/(loss)	1,838			1,838
Foreign currency translation adjustment	5,254				5,254
Other	(199)				(199)
Ending balance (in shares) at Sep. 30, 2020		33,169,798
Ending balance at Sep. 30, 2020	$ 358,599	$ 33	229,998	178,312	(49,744)
Beginning balance (in shares) at Mar. 31, 2021	33,225,808	33,225,808
Beginning balance at Mar. 31, 2021	$ 378,872	$ 33	231,322	183,436	(35,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		8,100
Issuance of common stock in exercise of stock options	97		97
Issuance of common stock (in shares)						23,858	42,326	7,368
Stock compensation expense	1,178		1,178
Repurchase of employee stock units on vesting	(548)		(548)
Net income/(loss)	(340)			(340)
Foreign currency translation adjustment	4,195			0	4,195
Other	(64)			0	(64)
Ending balance (in shares) at Jun. 30, 2021		33,307,460
Ending balance at Jun. 30, 2021	$ 383,390	$ 33	232,049	183,096	(31,788)
Beginning balance (in shares) at Mar. 31, 2021	33,225,808	33,225,808
Beginning balance at Mar. 31, 2021	$ 378,872	$ 33	231,322	183,436	(35,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	$ 137
Ending balance (in shares) at Sep. 30, 2021	33,333,843	33,333,843
Ending balance at Sep. 30, 2021	$ 377,525	$ 33	233,280	183,574	(39,362)
Beginning balance (in shares) at Jun. 30, 2021		33,307,460
Beginning balance at Jun. 30, 2021	383,390	$ 33	232,049	183,096	(31,788)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						10,687	7,344	8,352
Stock compensation expense	1,246		1,246
Repurchase of employee stock units on vesting	(14)		(14)
Net income/(loss)	477			477
Foreign currency translation adjustment	(7,625)				(7,625)
Other	$ 51				51
Ending balance (in shares) at Sep. 30, 2021	33,333,843	33,333,843
Ending balance at Sep. 30, 2021	$ 377,525	$ 33	$ 233,280	$ 183,574	$ (39,362)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income/(loss)	$ 137	$ (4,247)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	10,377	10,643
Amortization of deferred debt issuance costs	446	515
Loss on extinguishment of debt	2,569	0
Stock compensation expense	2,424	2,491
Deferred income taxes	24	(2,142)
Reserve for uncertain tax positions, net	38	0
(Gain)/Loss on long-term cross currency swap	(785)	3,491
Remeasurement (gain)/loss on intercompany balances	(1,182)	(4,537)
Loss on sale of business, net of cash surrendered	308	0
Changes in operating assets and liabilities:
Accounts receivable	(8,359)	29,767
Inventories	(2,101)	(9,431)
Contract assets	(898)	(3,169)
Other current and non-current assets	(1,781)	(3,593)
Accounts payable	11,386	(17)
Accrued liabilities and non-current liabilities	(91)	(1,228)
Income taxes payable and receivable	(2,061)	(5,939)
Net cash provided by/(used in) operating activities	10,451	12,604
Investing activities
Purchases of property, plant and equipment	(2,055)	(4,132)
Sale of rental equipment	57	37
Net cash provided by/(used in) in investing activities	(1,998)	(4,095)
Financing activities
Proceeds from Term Loan A	140,425	0
Proceeds from revolving credit facility	7,959	37,189
Payments on long-term debt and revolving credit facility	(156,634)	(38,714)
Issuance costs associated with revolving line of credit and long term debt	(1,210)	0
Proceeds from exercise of stock options	97	452
Repurchase of employee stock units on vesting	(562)	(686)
Payments on finance leases	(67)	(139)
Net cash provided by/(used in) financing activities	(9,992)	(1,898)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	425	1,304
Cash, cash equivalents and restricted cash at beginning of period	42,450	46,007
Cash, cash equivalents and restricted cash at end of period	41,336	53,922
Change in cash, cash equivalents and restricted cash	$ (1,114)	$ 7,915

Basis of Presentation and Accou

Basis of Presentation and Accounting Policy Information	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policy Information	Basis of Presentation Thermon Group Holdings, Inc. and its direct and indirect subsidiaries are referred to collectively as “we,” “our,” or the “Company” herein. We are one of the largest providers of highly engineered industrial process heating solutions for process industries. We offer a full suite of products (heating units, heating cables, temporary power solutions and tubing bundles), services (engineering, installation and maintenance services) and software (design optimization and wireless and network control systems) required to deliver comprehensive solutions to some of the world's largest and most complex projects. Our condensed consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States ("GAAP") and the requirements of the United States Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, the accompanying condensed consolidated financial statements do not include all disclosures required for full annual financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2021 ("fiscal 2021"). In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments considered necessary to present fairly our financial position at September 30, 2021 and March 31, 2021, and the results of our operations for the three and six months ended September 30, 2021 and 2020. Certain prior year amounts have been reclassified to conform with the current year's presentation. Impact of the COVID-19 Pandemic The COVID-19 pandemic and the measures being taken to address and limit the spread of the virus have adversely affected the economies and financial markets of many countries, resulting in an economic downturn that negatively impacted, and may continue to negatively impact, global demand for our products and services. Although we believe the general economic environment in which we operate has improved since the onset of the COVID-19 pandemic, we may experience a decline in the demand of our products and services or disruptions in raw materials required for manufacturing that could materially and negatively impact our business, financial condition, results of operation and overall financial performance in future periods. We have experienced increased costs across our global supply chain as we focus on meeting growing demand from our customers. In certain circumstances, we have had issues with a lack of availability of certain raw materials as well as increases in costs of our raw materials due to: use of alternate suppliers, higher freight costs, increased lead times, and expedited shipping. Also, we have seen construction labor inefficiencies and increased overtime in certain of our facilities due to temporary shortages in raw materials required for production. These increased costs have contributed to lower-than-anticipated margins in the three and six months ended September 30, 2021. On April 11, 2020, the Canadian government officially enacted the Canadian Emergency Wage Subsidy (the “CEWS”) for the purposes of assisting employers in financial hardship due to the COVID-19 pandemic and of reducing potential layoffs of employees. The CEWS, which was made retroactive to March 15, 2020, generally provides “eligible entities” with a wage subsidy of up to 75% of “eligible remuneration” paid to an eligible employee per week, limited to a certain weekly maximum. On September 23, 2020, the Canadian government announced that the CEWS program would be extended through the summer of 2021 and announced certain modifications to the subsidy calculation. Our Canadian operations have benefited from such wage subsidies and have received related distributions from the Canadian government. During the three and six months ended September 30, 2021, we recorded subsidies for which we qualify in the amount of $571 and $1,510, respectively. For the three and six months ended September 30, 2020, we recorded subsidies of $2,532 and $4,948, respectively. This was recorded as an offset or reduction to the related underlying expenses and assets, accordingly. We anticipate our benefit from the CEWS program to decline in fiscal 2022 as we become less qualified for the subsidy. Use of Estimates Generally accepted accounting principles 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 the reported amounts of revenues and expenses during the reported period. While management has based their assumptions and estimates on the facts and circumstances existing at September 30, 2021, actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three and six months ended September 30, 2021 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2022 ("fiscal 2022"). We increased our allowance for doubtful accounts at September 30, 2021 to $3,310 from $2,074 at March 31, 2021. The increase in the period is an accrual for bad debts related to potentially uncollectible receivables in our EMEA reportable segment. Restricted Cash and Cash Equivalents The Company maintains restricted cash related to certain letter of credit guarantees and performance bonds securing performance obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in prepaid expenses and other current assets and restricted cash included in other long-term assets reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows. September 30, 2021 2020 Cash and cash equivalents $ 38,242 $ 51,362 Restricted cash included in prepaid expenses and other current assets 2,745 2,190 Restricted cash included in other long-term assets 349 370 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 41,336 $ 53,922 Amounts shown in restricted cash included in prepaid expenses and other current assets and other long-term assets represent those required to be set aside by a contractual agreement, which contain cash deposits pledged as collateral on performance bonds and letters of credit. Amounts shown in restricted cash in other long-term assets represent such agreements that require a commitment term longer than one year. Correction of an Error During the current quarter, we identified an error in our previously issued unaudited condensed consolidated financial statements as of and for the three months ended June 30, 2021, as well as our consolidated financial statements as of and for the three months ended March 31, 2021. The error was due to underreported warranty costs associated with the operational execution of a large project in our US-LAM segment that completed in a prior year for which we are supplying engineering services, installation services, and equipment. Management evaluated the materiality of the error from a qualitative and quantitative perspective and concluded that the error was not material to any one quarterly period. Accordingly, we corrected the error in the consolidated balance sheets at March 31, 2021 and consolidated statements of operations and comprehensive income for the three and twelve months ended March 31, 2021. We also corrected the error in the unaudited condensed consolidated balance sheets at June 30, 2021, and unaudited condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2021 is as follows: Consolidated Balance Sheets March 31, 2021 March 31, 2021 as reported Adjustments as corrected Accrued liabilities $ 23,517 $ 371 $ 23,888 Deferred income taxes 21,088 (82) 21,006 Retained earnings $ 183,725 (289) 183,436 Consolidated Statement of Operations and Comprehensive Income Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 as reported Adjustments as corrected Sales $ 73,323 $ — $ 73,323 Cost of sales 46,090 371 46,461 Gross profit 27,233 (371) 26,862 Net income/(loss) $ (763) $ (288) $ (1,051) Net income/(loss) per common share: Basic $ (0.02) $ (0.01) $ (0.03) Diluted (0.02) (0.01) (0.03) Consolidated Statement of Operations and Comprehensive Income Twelve Months Ended March 31, 2021 Twelve Months Ended March 31, 2021 as reported Adjustments as corrected Sales $ 276,181 $ — $ 276,181 Cost of sales 158,938 371 159,309 Gross profit 117,243 (371) 116,872 Net income/(loss) $ 1,165 $ (288) $ 877 Net income/(loss) per common share: Basic $ 0.04 $ (0.01) $ 0.03 Diluted 0.03 0.00 0.03 Consolidated Balance Sheets June 30, 2021 June 30, 2021 as reported Adjustments as corrected Accrued liabilities $ 20,046 $ 2,002 $ 22,048 Income taxes payable 678 (424) 254 Deferred income taxes 21,880 (82) 21,798 Retained earnings $ 184,591 (1,496) 183,095 Three Months Ended June 30, 2021 Three Months Ended June 30, 2021 as reported Adjustments as corrected Sales $ 71,155 $ — $ 71,155 Cost of sales 42,986 1,631 44,617 Gross profit 28,169 (1,631) 26,538 Net income/(loss) $ 867 $ (1,207) $ (340) Net income/(loss) per common share: Basic $ 0.03 $ (0.04) $ (0.01) Diluted $ 0.03 $ (0.04) $ (0.01) Recent Accounting Pronouncements Reference Rate Reform - In March 2020, the FASB issued Accounting Standards Update 2020-04 - Reference Rate Reform ("ASC 848"). The update is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. As of September 30, 2021, we have not yet elected any optional expedients provided in the standard. We will apply the accounting relief, if necessary, as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. Income Taxes - In December 2019, the FASB issued Accounting Standards Update 2019-12 - Income Taxes ("ASC 740") : Simplifying the Accounting for Income Taxes. This ASU amends ASC 740 to simplify certain requirements related to income taxes, specifically as it relates to interim period accounting for changes in tax law and year-to-date loss limitation in interim period accounting. The new standard is effective for fiscal years beginning after December 15, 2020. We adopted this standard effective April 1, 2021, and such adoption did not have a material impact on our consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value We measure fair value based on authoritative accounting guidance, which defines fair value, establishes a framework for measuring fair value, and expands on required disclosures regarding fair value measurements. Inputs are referred to as assumptions that market participants would use in pricing the asset or liability. The use of inputs in the valuation process are categorized into a three-level fair value hierarchy. • Level 1 — uses quoted prices in active markets for identical assets or liabilities we have the ability to access. • Level 2 — uses observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. Financial assets and liabilities with carrying amounts approximating fair value include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. At September 30, 2021 and March 31, 2021, no assets or liabilities were valued using Level 3 criteria. Information about our long-term debt that is not measured at fair value is as follows: September 30, 2021 March 31, 2021 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 139,793 $ 139,094 $ 148,500 $ 148,871 Level 2 - Market Approach At September 30, 2021 and March 31, 2021, the fair value of our long-term debt is based on market quotes available for issuance of debt with similar terms. As the quoted price is only available for similar financial assets, the Company concluded the pricing is indirectly observable through dealers and has been classified as Level 2. Cross Currency Swap On September 29, 2021, we terminated a long-term cross currency swap we previously entered into through transactions related to the amendment to our term loan and revolving credit facility. The previous intercompany receivable, for which we had the swap, was settled with us by our wholly-owned Canadian subsidiary, Thermon Canada Inc. Refer to Note 8. Long-Term Debt for more information regarding our debt transactions. Before the termination mentioned above, the Company entered into the long-term cross currency swap to hedge the currency rate fluctuations related to an intercompany receivable. We did not designate the cross currency swap as a cash flow hedge under ASC 815, Derivatives and Hedging ("ASC 815"). We recorded $851 and $441 realized mark-to-market gains on the cross currency swap, which are reported as "Other income and expense" in the condensed consolidated statements of operations and comprehensive income for the three and six months ended September 30, 2021, respectively. Cross currency swap contracts are measured on a recurring basis at fair value and are classified as Level 2 measurements. Hedge liabilities of $483 were included in "Other long-term liabilities" as September 30, 2021 and hedge assets of $1,265 were included in "Other long-term assets" in the consolidated balance sheet at March 31, 2021, respectively. The September 30, 2021 liability was settled in cash the following day to terminate the contract. For the six months ended September 30, 2021, the gain on the long-term cross currency swap derivative contract was offset by realized losses on the intercompany note of $418 for a net gain of $22. Deferred Compensation Plan The Company provides a non-qualified deferred compensation plan for certain highly compensated employees where payroll contributions are made by the employees on a pre-tax basis. Included in “Other long-term assets” in the condensed consolidated balance sheets at September 30, 2021 and March 31, 2021 were $5,381 and $5,047, respectively, of deferred compensation plan assets held by the Company. Deferred compensation plan assets (mutual funds) are measured at fair value on a recurring basis based on quoted market prices in active markets (Level 1). The Company has a corresponding liability to participants of $4,951 and $4,608 included in “Other long-term liabilities” in the condensed consolidated balance sheets at September 30, 2021 and March 31, 2021, respectively. In fiscal 2022, deferred compensation plan expense/(income) is included as such in the condensed consolidated statement of operations, and therefore is excluded from "Selling, general and administrative expenses." Deferred compensation expense/(income) was $(14) and $251 for the three months ended September 30, 2021 and 2020, respectively, and $318 and $781 for the six months ended September 30, 2021 and 2020, respectively. Expenses and income from our deferred compensation plan were offset by unrealized gains and losses for the deferred compensation plan included in "Other income and expense" on our condensed consolidated statements of operations and comprehensive income. Our unrealized losses and gains on investments were $(20) and $318, respectively, for the three months ended September 30, 2021 and 2020, respectively, and gains of $306 and $840 for the six months ended September 30, 2021 and 2020, respectively. Trade Related Foreign Currency Forward Contracts We transact business in various foreign currencies and have established a program that primarily utilizes foreign currency forward contracts to address the risk associated with the effects of certain foreign currency exposures. Under this program, increases or decreases in our foreign currency exposures are offset by gains or losses on the forward contracts to mitigate foreign currency transaction gains or losses. These foreign currency exposures arise from intercompany transactions as well as third party accounts receivable or payable that are denominated in foreign currencies. Our forward contracts generally have terms of 30 days. We do not use forward contracts for trading purposes or designate these forward contracts as hedging instruments pursuant to ASC 815. We adjust the carrying amount of all contracts to their fair value at the end of each reporting period and unrealized gains and losses are included in "Other income and expense" on our condensed consolidated statements of operations and comprehensive income. These gains and losses are designed to offset gains and losses resulting from settlement of receivables or payables by our foreign operations which are settled in currency other than the local transactional currency. The fair value is determined by quoted prices from active foreign currency markets (Level 2). Fair value amounts for such forward contracts on our condensed consolidated balance sheets are either classified as accounts receivable, net or accrued liabilities depending on whether the forward contract is in a gain (accounts receivable, net) or loss (accrued liabilities) position. Our ultimate realized gain or loss with respect to currency fluctuations will depend on the currency exchange rates and other factors in effect as the contracts mature. As of September 30, 2021 and March 31, 2021, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency September 30, 2021 March 31, 2021 Russian Ruble $ — $ 3,000 Canadian Dollar 11,500 5,500 South Korean Won 1,500 5,000 Mexican Peso 1,850 1,500 Australian Dollar 1,500 900 Great Britain Pound 400 500 Total notional amounts $ 16,750 $ 16,400 The following table represents the fair value of our foreign currency forward contracts: September 30, 2021 March 31, 2021 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 51 $ 45 $ 61 $ 32 Foreign currency gains or losses related to our forward contracts in the accompanying condensed consolidated statements of operations and comprehensive income were gains of $41 and losses of $(145) in the three months ended September 30, 2021 and 2020, respectively, and losses of $(225) and $(49) for the six months ended September 30, 2021 and 2020, respectively. Gains and losses from our forward contracts were offset by transaction gains or losses incurred with the settlement of transactions denominated in foreign currencies. For the three months ended September 30, 2021 and 2020, our net foreign currency transactions resulted in losses of

Restructuring and other charges

Restructuring and other charges (income)	6 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and other charges (income)	Restructuring and Other Charges/(Income)In fiscal 2021, we enacted certain restructuring initiatives to align our cost structure with the decline in demand for our products and services primarily due to COVID-19 and supply/demand fluctuations in commodity prices. We are substantially complete with these initiatives. We recorded the following charges/(income) as it relates to restructuring. Fiscal 2022 charges/(income) We recorded $(103) for severance-related activity in our Canadian segment which was recorded to "Restructuring and other charges/(income)" in our condensed consolidated statements of operations and comprehensive income. Additionally, we recorded $(311) in cash receipts related to receivables existing prior to the sale of our South Africa business, which was completed in fiscal 2021. No charges were recorded for the three months ended September 30, 2021. Fiscal 2021 charges/(income) The Company eliminated approximately 85 and 196 hourly and salaried positions and incurred $1,941 and $4,862 in one-time severance costs during the three and six months ended September 30, 2020, respectively, which was recorded to "Restructuring and other charges/(income)" in our condensed consolidated statements of operations and comprehensive income. In addition, we incurred $46 in lease abandonment charges related to a Canadian facility we vacated, which was recorded to Restructuring and other charges/(income)" in our condensed consolidated statements of operations and comprehensive income. Restructuring and other charges/(income) by reportable segment were as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 United States and Latin America $ — 351 $ (46) 2,414 Canada — 1,270 (186) 2,128 Europe, Middle East and Africa — 356 (182) 356 Asia-Pacific — 10 — 10 $ — $ 1,987 $ (414) $ 4,908 Restructuring activity related to severance activity described above recorded in "Accrued liabilities" on the condensed consolidated balance sheets is summarized as follows for the six months ended September 30, 2021: Six Months Ended Six Months Ended September 30, 2020 Beginning balance $ 657 $ — Costs/(income) (103) 4,862 Less cash payments (323) (2,791) Ending balance $ 231 $ 2,071

Net Income_(Loss) per Common Sh

Net Income/(Loss) per Common Share	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income/(Loss) per Common Share	Net Income/(Loss) per Common Share Basic net income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding during each period. Diluted net income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assume that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income/(loss) per common share until such time that it is probable that the performance target will not be met. The reconciliations of the denominators used to calculate basic and diluted net income/(loss) per common share for the three and six months ended September 30, 2021 and 2020, respectively, are as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Basic net income/(loss) per common share Net income/(loss) $ 477 $ 1,838 $ 137 $ (4,247) Weighted-average common shares outstanding 33,328,568 33,164,921 33,268,825 33,075,902 Basic net income/(loss) per common share $ 0.01 $ 0.06 $ 0.00 $ (0.13) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Diluted net income/(loss) per common share Net income/(loss) $ 477 $ 1,838 $ 137 $ (4,247) Weighted-average common shares outstanding 33,328,568 33,164,921 33,268,825 33,075,902 Common share equivalents: Stock options — 3,376 1,667 — Restricted and performance stock units 264,256 249,357 186,085 — Weighted average shares outstanding – dilutive (1) 33,592,824 33,417,654 33,456,577 33,075,902 Diluted net income/(loss) per common share (2) $ 0.01 $ 0.06 $ 0.00 $ (0.13) (1) For the three and six months ended September 30, 2021, 132,605 and 144,664 equity awards, respectively, were not included in the calculation of diluted net income/(loss) per common share, as they would have had an anti-dilutive effect. For the three and six months ended September 30, 2020, 256,444 and 283,764 respectively, were not included in the calculation of diluted net income/(loss) per common share, as they would have had an anti-dilutive effect. (2) As the Company incurred a net loss for the six months ended September 30, 2020, there was no dilutive effect on net loss per common share as common share equivalents are antidilutive. Therefore, both basic and diluted net loss per common share were $(0.13) for the six months ended September 30, 2020.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: September 30, 2021 March 31, 2021 Raw materials $ 37,259 $ 33,485 Work in process 4,838 4,071 Finished goods 25,467 28,008 67,564 65,564 Valuation reserves (1,946) (1,774) Inventories, net $ 65,618 $ 63,790

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The carrying amount of goodwill by operating segment as of September 30, 2021 is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2021 $ 62,725 $ 121,550 $ 20,139 $ 8,624 $ 213,038 Foreign currency translation impact — (1,584) (237) — (1,821) Balance as of September 30, 2021 $ 62,725 $ 119,966 $ 19,902 $ 8,624 $ 211,217 Goodwill is tested for impairment on an annual basis and between annual tests if indicators of potential impairment exist. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If required, we also perform a quantitative analysis using the income approach, based on discounted future cash flows, which are derived from internal forecasts and economic expectations, and the market approach, which is based on market multiples of guideline public companies. The most significant inputs in the Company's quantitative goodwill impairment tests are projected financial information, the weighted average cost of capital and market multiples for similar transactions. Our annual impairment test is performed during the fourth quarter of our fiscal year. In the fourth quarter of fiscal 2021, we identified the prolonged economic effects of the COVID-19 pandemic to be an indicator of potential asset impairments in our reporting units. We performed our annual goodwill, intangible and tangible impairment assessments including our indefinite life trademarks. We analyzed our reporting units utilizing the income approach, based on discounted future cash flows, which are derived from internal forecasts and economic expectations, and the market approach, based on market multiples of guideline public companies. The impairment test for indefinite life trademarks utilized a relief from royalty analysis based on the cash flow streams attributable to the Thermon trademark. Based on the goodwill impairment assessment, the estimated fair value of our reporting units exceeded the carrying value. As such, there was no impairment of goodwill, intangible or tangible assets or our indefinite life trademarks as of the respective reporting periods. The most significant inputs in the Company's impairment test are the projected financial information, the weighted average cost of capital and market multiples for similar transactions. If overall economic conditions, our key end markets, or factors specific to the Company deteriorate significantly, it could negatively impact the Company's future impairment tests. We will continue to monitor our reporting units' goodwill and asset valuations and test for potential impairments. No triggering events were identified during the three month period ended September 30, 2021 which would indicate that the fair value of any of our reporting units was less than its carrying amount. Our total intangible assets consisted of the following: Gross Carrying Amount at September 30, 2021 Accumulated Amortization Net Carrying Amount at September 30, 2021 Gross Carrying Amount at March 31, 2021 Accumulated Amortization Net Carrying Amount at March 31, 2021 Products $ 65,387 $ (25,610) $ 39,777 $ 66,250 $ (22,635) $ 43,615 Trademarks 45,308 (1,403) 43,905 45,581 (1,289) 44,292 Developed technology 9,966 (5,697) 4,269 10,028 (5,486) 4,542 Customer relationships 113,103 (103,049) 10,054 113,789 (102,911) 10,878 Certifications 454 — 454 457 — 457 Total $ 234,218 $ (135,759) $ 98,459 $ 236,105 $ (132,321) $ 103,784

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: September 30, 2021 March 31, 2021 Accrued employee compensation and related expenses $ 10,683 $ 11,765 Accrued interest — 648 Customer prepayments 771 283 Warranty reserves 333 250 Professional fees 2,548 2,361 Sales taxes payable 3,143 2,404 Other (1) 6,111 6,177 Total accrued current liabilities $ 23,589 $ 23,888

Long-Term Debt

Long-Term Debt	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: September 30, 2021 March 31, 2021 Variable Rate Term Loan B due October 2024 net of deferred debt issuance costs and debt discounts of $2,983 as of March 31, 2021 $ — $ 145,517 Variable Rate Term Loan A due September 2026 net of deferred debt issuance costs of $706 as of September 30, 2021 $ 139,087 $ — Less current portion (5,242) (2,500) Total long-term debt $ 133,845 $ 143,017 Senior Secured Credit Facilities On September 29, 2021, Thermon Group Holdings, Inc., as a credit party and a guarantor, Thermon Holding Corp. (“THC” or the “U.S. Borrower”) and Thermon Canada Inc. (the “Canadian Borrower” and together with THC, the “Borrowers”), as borrowers, entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with several banks and other financial institutions or entities from time to time (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Agent”). The Credit Agreement is an amendment and restatement of that certain Credit Agreement dated October 30, 2017 by and among Borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent (the “Prior Credit Agreement”), and provides for the following credit facilities described below (collectively, the “Facilities”). • Revolving Credit Facility: A USD $100,000 five • U.S. Term Loan Facility: A USD $80,000 five • Canadian Term Loan Facility: A CAD $76,182 five Proceeds of the Facilities were used at closing to repay and refinance the Borrowers’ existing indebtedness under the Prior Credit Agreement and pay all interest, fees and expenses related thereto, and thereafter are expected to be used for working capital and general corporate purposes. The Credit Agreement allows for incremental term loans and incremental revolving commitments in an amount not to exceed USD $100,000. Maturity and Repayment Each of the Facilities terminates on September 29, 2026. Commencing January 1, 2022, each of the Term Loans will amortize as set forth in the table below, with payments on the first day of each January, April, July and October, with the balance of each Term Loan Facility due at maturity. Installment Dates Original Principal Amount January 1, 2022 through October 1, 2022 1.25 % January 1, 2023 through October 1, 2024 1.88 % January 1, 2025 through July 1, 2026 2.50 % Guarantees The U.S. Term Loan and the obligations of the U.S. Borrower under the Revolving Credit Facility are guaranteed by the Company and all of the U.S. Borrower’s current and future wholly owned domestic material subsidiaries (the “U.S. Subsidiary Guarantors”), subject to certain exceptions. The Canadian Term Loan is guaranteed by the Company, the U.S. Borrower, the U.S. Subsidiary Guarantors and each of the wholly owned Canadian material subsidiaries of the Canadian Borrower, subject to certain exceptions. Security The U.S. Term Loan and the obligations of the U.S. Borrower under the Revolving Credit Facility are secured by a first lien on all of the assets of the Company, the U.S. Borrower and the U.S. Subsidiary Guarantors, including 100% of the capital stock of the U.S. Subsidiary Guarantors and 65% of the capital stock of the first tier material foreign subsidiaries of the Company, the U.S. Borrower and the U.S. Subsidiary Guarantors, subject to certain exceptions. The Canadian Term Loan is secured by a first lien on all of the assets of the Company, the U.S. Borrower, the U.S. Subsidiary Guarantors, the Canadian Borrower and the material Canadian subsidiaries of the Canadian Borrower, including 100% of the capital stock of the Canadian Borrower’s material Canadian subsidiaries. Interest Rates and Fees The U.S. Borrower will have the option to pay interest on the U.S. Term Loan and borrowings under the Revolving Credit Facility at a base rate, plus an applicable margin, or at a rate based on LIBOR plus an applicable margin. The Canadian Borrower will have the option to pay interest on the Canadian Term Loan at a prime rate, plus an applicable margin, or at a rate based on the Canadian Dollar Offered Rate, or "CDOR," plus an applicable margin. Under the applicable Facilities, the margin for base rate loans and Canadian prime rate loans is 62.5 basis points and the applicable margin for LIBOR loans and CDOR loans is 162.5 basis points; provided that, following the completion of one full fiscal quarter after the closing date, the applicable margins will be determined based on a leverage-based performance grid. In addition to paying interest on outstanding principal under the Revolving Credit Facility, the U.S. Borrower is required to pay a commitment fee in respect of unutilized revolving commitments of 0.25% per annum, provided that, following the completion of one full fiscal quarter after the closing date, the commitment fee will be determined based on a leverage-based performance grid. Voluntary Prepayment The Borrowers will be able to voluntarily prepay the principal of the loans outstanding under each of the Facilities without penalty or premium (subject to breakage fees) at any time in whole or in part. Mandatory Prepayment Each Borrower is required to repay its respective Term Loan with certain asset sale and insurance proceeds and certain debt proceeds. Debt Issuance Costs We incurred fees to third parties in connection with our entry into the Credit Agreement described above. The debt issuance costs of $1,210 were capitalized and will be amortized over the life of the Credit Agreement. Additionally, we recognized a loss on debt extinguishment of $2,569, which was recorded to Other income/(expense) on our condensed consolidated statements of operations and comprehensive income. Financial Covenants In connection with the Credit Agreement, the Company is required, on a consolidated basis, to maintain certain financial covenant ratios. On the last day of any period of four fiscal quarters ending during a period set forth below, the Company must maintain a consolidated leverage ratio that does not exceed the ratios for such period set forth below (each of which ratios may be increased by 0.50:1.00 for each of the four fiscal quarters following certain acquisitions at the election of the U.S. Borrower): Fiscal Quarter Ending Consolidated Leverage Ratio September 30, 2021 through September 30, 2022 3.75:1.00 December 31, 2022 and each fiscal quarter thereafter 3.50:1.00 In addition, on the last day of any period of four fiscal quarters ending on or after September 30, 2021, the Company must maintain a consolidated fixed charge coverage ratio of not less than 1.25:1.00. As of September 30, 2021, we were in compliance with all financial covenants of the Credit Agreement. Other Covenants The Credit Agreement contains restrictive covenants (in each case, subject to certain exclusions) that limit, among other things, the ability of the Company and its subsidiaries (including the Borrowers) to: • incur additional indebtedness; • grant liens; • make fundamental changes; • sell assets; • make restricted payments; • enter into sales and leasebacks; • make investments; • prepay certain indebtedness; • enter into transactions with affiliates; and • enter into restrictive agreements. The covenants are subject to various baskets and materiality thresholds, with certain of the baskets to the restrictions on the repayment of subordinated or unsecured indebtedness, restricted payments and investments being available only when the Company’s pro forma leverage ratios are less than a certain level. The Credit Agreement contains certain customary representations and warranties, affirmative covenants and events of default, including, among other things, payment defaults, breach of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, judgment defaults, actual or asserted failure of any guaranty or security documents to be in full force and effect and change of control. If such an event of default occurs, the Agent will be entitled to take various actions, including the termination of the commitment for the Revolving Credit Facility, the acceleration of amounts due under the Credit Agreement and certain other actions that a secured creditor is customarily permitted to take following a default. At September 30, 2021, we had no outstanding borrowings under the Revolving Credit Facility. We had $96,963 of available borrowing capacity thereunder after taking into account the borrowing base and $3,037 of outstanding letters of credit. The Term Loans bear interest at the LIBOR rate or CDOR rate, as applicable, in each case plus an applicable margin dictated by our leverage ratio (as described above). The interest rates on the Term Loan Facilities on September 30, 2021 were 2.05% for the Canadian Term Loan Facility, and 1.71% for the U.S. Term Loan Facility. Interest expense has been presented net of interest income on our condensed consolidated statements of operations and comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2021, the Company had in place letter of credit guarantees and performance bonds securing certain performance obligations of the Company. These arrangements totaled $8,554. Of this amount, $1,582 is secured by cash deposits at the Company’s financial institutions and an additional $3,037 represents a reduction of the available amount of the Company's short-term and long-term revolving lines of credit. In addition to the arrangements totaling $8,554, our Indian subsidiary also has $4,880 in non-collateralized customs bonds outstanding to secure the Company's customs and duties obligations in India. We are involved in various legal and administrative proceedings that arise from time to time in the ordinary course of doing business. Some of these proceedings may result in fines, penalties or judgments being assessed against us, which may adversely affect our financial results. In addition, from time to time, we are involved in various disputes, which may or may not be settled prior to legal proceedings being instituted and which may result in losses in excess of accrued liabilities, if any, relating to such unresolved disputes. Expenses related to litigation and other such proceedings or disputes reduce operating income as period expenses when incurred. As of September 30, 2021, management believes that adequate reserves have been established for any probable and reasonably estimable losses. We do not believe that the outcome of any of these proceedings or disputes would have a significant adverse effect on our financial position, long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to our results of operations or cash flows in any one accounting period. In addition to the legal proceedings described above, in January 2020, the Company received service of process in a class action application in the Superior Court of Quebec, Montreal, Canada related to certain heating elements previously manufactured by THS and incorporated into certain portable construction heaters sold by certain manufacturers. The Company believes this claim is without merit and intends to vigorously defend itself against the claim. While the Company continues to dispute the allegations, in March 2021, it reached an agreement in principle with the plaintiff and other defendants to resolve this matter without admitting to any liability; such agreement remains subject to the agreement of the parties on the terms of a definitive settlement agreement. Settlement of this matter on the agreed terms will require the Company to contribute an amount

Revenue

Revenue	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic location, revenues recognized at point in time and revenues recognized over time, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue recognized at a point-in-time based on when control goes over to the customer is generally related to our product sales. Point-in-time revenue does not typically require engineering or installation services. Revenue recognized over time occurs on our projects where engineering or installation services, or a combination of the two, are required. We recognize revenue related to such projects in a systematic way that reflects the transfer of service to the customer. Disaggregation of revenues from contracts with customers for the three and six months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America $ 17,115 $ 13,327 $ 30,442 $ 11,710 $ 12,166 $ 23,876 Canada 20,036 4,907 24,943 13,776 5,440 19,216 Europe, Middle East and Africa 6,876 9,619 16,495 6,703 5,627 12,330 Asia-Pacific 6,448 2,994 9,442 3,820 7,164 10,984 Total revenues $ 50,475 $ 30,847 $ 81,322 $ 36,009 $ 30,397 $ 66,406 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America 30,870 22,228 $ 53,098 19,985 22,534 $ 42,519 Canada 39,132 11,242 50,374 27,423 11,106 38,529 Europe, Middle East and Africa 13,322 18,107 31,429 13,517 8,280 21,797 Asia-Pacific 11,156 6,420 17,576 7,905 12,504 20,409 Total revenues $ 94,480 $ 57,997 $ 152,477 $ 68,830 $ 54,424 $ 123,254 Performance Obligations At September 30, 2021, revenues associated with our open performance obligations totaled $155,481, representing our backlog. Within this amount, approximately $40,191 will be earned as revenue in excess of one year. We expect to recognize the remaining revenues associated with unsatisfied or partially satisfied performance obligations within 12 months. Contract Assets and Liabilities As of September 30, 2021 and March 31, 2021, contract assets were $13,216 and $11,379, respectively. There were no losses recognized on our contract assets for the six months ended September 30, 2021 and 2020. As of September 30, 2021 and

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate, after discrete tax events, was a 93.6% pr ovision against our income before taxes for the six months ended September 30, 2021 and a benefit of 42.3% against a loss before taxes for the six months ended September 30, 2020. During the three months ended September 30, 2021, the Company recorded a discrete tax expense of $301 related to withholding taxes on an intercompany dividend from Canada to the United States in relation to the Amended and Restated Debt Agreement. Refer to Note 8. Long-Term Debt. During the six months ended September 30, 2021, the Company recorded a discrete tax expense of $945 related to an increase in withholding tax rates in its Russian subsidiary. Excluding the impact of withholding taxes in Canada and Russia and other discrete items, the Company estimates that the effective tax rate will be 25.5% for fiscal year 2022. The estimated effective income tax rate represents the weighted average of the estimated tax expense over our global income before tax. As of September 30, 2021, we have established a long-term liability for uncertain tax positions in the amount of $846. As of September 30, 2021, the tax years for the fiscal years ended March 31, 2016 through March 31, 2021 remain open to examination by the major taxing jurisdictions to which we are subject.

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information We maintain four reportable segments based on four geographic countries or regions in which we operate: (i) United States and Latin America ("US-LAM"), (ii) Canada, (iii) Europe, Middle East and Africa ("EMEA") and (iv) Asia-Pacific ("APAC"). Within our four reportable segments, our core products and services are focused on the following markets: chemical and petrochemical, oil, gas, power generation, commercial, rail and transit, and other, which we refer to as our "key end markets." We offer a full suite of products (heating units, heating cables, temporary power solutions and tubing bundles), services (engineering, installation and maintenance services) and software (design optimization and wireless and network control systems) required to deliver comprehensive solutions to some of the world's largest and most complex projects. We report the results of our THS product line in all four reportable segments, and the results of our TPS product line in the U.S-LAM and Canada reportable segments. Each of our reportable segments serves a similar class of customers, including engineering, procurement and construction companies, international and regional oil and gas companies, commercial sub-contractors, electrical component distributors and direct sales to existing plant or industrial applications. Profitability within our segments is measured by operating income. Profitability can vary in each of our reportable segments based on the competitive environment within the region, the level of corporate overhead, such as the salaries of our senior executives and the level of research and development and marketing activities in the region, as well as the mix of products and services. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services. Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Sales to External Customers: United States and Latin America $ 30,442 $ 23,876 $ 53,098 $ 42,519 Canada 24,943 19,216 50,374 38,529 Europe, Middle East and Africa 16,495 12,330 31,429 21,797 Asia-Pacific 9,442 10,984 17,576 20,409 $ 81,322 $ 66,406 $ 152,477 $ 123,254 Inter-Segment Sales: United States and Latin America $ 10,139 $ 9,825 $ 20,836 $ 21,098 Canada 2,170 1,363 4,939 2,855 Europe, Middle East and Africa 430 378 842 1,073 Asia-Pacific 313 345 617 518 $ 13,052 $ 11,911 $ 27,234 $ 25,544 Depreciation Expense: United States and Latin America $ 1,451 $ 1,542 $ 2,935 $ 3,080 Canada 1,303 1,079 2,723 2,111 Europe, Middle East and Africa 98 115 203 227 Asia-Pacific 44 48 90 95 $ 2,896 $ 2,784 $ 5,951 $ 5,513 Amortization Expense: United States and Latin America $ 295 $ 198 $ 590 $ 874 Canada 1,860 1,758 3,766 3,655 Europe, Middle East and Africa 24 33 48 397 Asia-Pacific 11 108 22 204 $ 2,190 $ 2,097 $ 4,426 $ 5,130 Income/(Loss) from Operations: United States and Latin America $ 750 $ 896 $ (1,895) $ (7,832) Canada 3,793 2,019 7,824 4,178 Europe, Middle East and Africa 2,268 1,124 4,438 1,476 Asia-Pacific 1,317 837 2,425 1,834 Unallocated: Stock compensation (1,246) (1,358) (2,424) (2,491) Public company costs (657) (472) (1,160) (874) $ 6,225 $ 3,046 $ 9,208 $ (3,709) September 30, 2021 March 31, 2021 Property, Plant and Equipment, Net: United States and Latin America $ 33,830 $ 36,155 Canada 30,718 32,583 Europe, Middle East and Africa 3,053 3,141 Asia-Pacific 652 751 $ 68,253 $ 72,630 Total Assets: United States and Latin America $ 210,047 $ 218,699 Canada 290,296 287,907 Europe, Middle East and Africa 82,373 77,798 Asia-Pacific 36,199 33,474 $ 618,915 $ 617,878 Capital expenditures for our reportable segments were as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended Six Months Ended Capital Expenditures: United States and Latin America $ 322 $ 1,363 $ 640 $ 3,157 Canada 739 634 1,267 867 Europe, Middle East and Africa 106 29 131 48 Asia-Pacific 15 47 17 60 $ 1,182 $ 2,073 $ 2,055 $ 4,132

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policy Information (Policies)	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates Generally accepted accounting principles 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 the reported amounts of revenues and expenses during the reported period. While management has based their assumptions and estimates on the facts and circumstances existing at September 30, 2021, actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three and six months ended September 30, 2021 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2022 ("fiscal 2022").
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform - In March 2020, the FASB issued Accounting Standards Update 2020-04 - Reference Rate Reform ("ASC 848"). The update is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. As of September 30, 2021, we have not yet elected any optional expedients provided in the standard. We will apply the accounting relief, if necessary, as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. Income Taxes - In December 2019, the FASB issued Accounting Standards Update 2019-12 - Income Taxes ("ASC 740") : Simplifying the Accounting for Income Taxes. This ASU amends ASC 740 to simplify certain requirements related to income taxes, specifically as it relates to interim period accounting for changes in tax law and year-to-date loss limitation in interim period accounting. The new standard is effective for fiscal years beginning after December 15, 2020. We adopted this standard effective April 1, 2021, and such adoption did not have a material impact on our consolidated financial statements.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policy Information Table (Tables)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents		The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in prepaid expenses and other current assets and restricted cash included in other long-term assets reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows. September 30, 2021 2020 Cash and cash equivalents $ 38,242 $ 51,362 Restricted cash included in prepaid expenses and other current assets 2,745 2,190 Restricted cash included in other long-term assets 349 370 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 41,336 $ 53,922
Schedule of Error Corrections and Prior Period Adjustments	During the current quarter, we identified an error in our previously issued unaudited condensed consolidated financial statements as of and for the three months ended June 30, 2021, as well as our consolidated financial statements as of and for the three months ended March 31, 2021. The error was due to underreported warranty costs associated with the operational execution of a large project in our US-LAM segment that completed in a prior year for which we are supplying engineering services, installation services, and equipment. Management evaluated the materiality of the error from a qualitative and quantitative perspective and concluded that the error was not material to any one quarterly period. Accordingly, we corrected the error in the consolidated balance sheets at March 31, 2021 and consolidated statements of operations and comprehensive income for the three and twelve months ended March 31, 2021. We also corrected the error in the unaudited condensed consolidated balance sheets at June 30, 2021, and unaudited condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2021 is as follows: Consolidated Balance Sheets March 31, 2021 March 31, 2021 as reported Adjustments as corrected Accrued liabilities $ 23,517 $ 371 $ 23,888 Deferred income taxes 21,088 (82) 21,006 Retained earnings $ 183,725 (289) 183,436 Consolidated Statement of Operations and Comprehensive Income Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 as reported Adjustments as corrected Sales $ 73,323 $ — $ 73,323 Cost of sales 46,090 371 46,461 Gross profit 27,233 (371) 26,862 Net income/(loss) $ (763) $ (288) $ (1,051) Net income/(loss) per common share: Basic $ (0.02) $ (0.01) $ (0.03) Diluted (0.02) (0.01) (0.03) Consolidated Statement of Operations and Comprehensive Income Twelve Months Ended March 31, 2021 Twelve Months Ended March 31, 2021 as reported Adjustments as corrected Sales $ 276,181 $ — $ 276,181 Cost of sales 158,938 371 159,309 Gross profit 117,243 (371) 116,872 Net income/(loss) $ 1,165 $ (288) $ 877 Net income/(loss) per common share: Basic $ 0.04 $ (0.01) $ 0.03 Diluted 0.03 0.00 0.03 Consolidated Balance Sheets June 30, 2021 June 30, 2021 as reported Adjustments as corrected Accrued liabilities $ 20,046 $ 2,002 $ 22,048 Income taxes payable 678 (424) 254 Deferred income taxes 21,880 (82) 21,798 Retained earnings $ 184,591 (1,496) 183,095 Three Months Ended June 30, 2021 Three Months Ended June 30, 2021 as reported Adjustments as corrected Sales $ 71,155 $ — $ 71,155 Cost of sales 42,986 1,631 44,617 Gross profit 28,169 (1,631) 26,538 Net income/(loss) $ 867 $ (1,207) $ (340) Net income/(loss) per common share: Basic $ 0.03 $ (0.04) $ (0.01) Diluted $ 0.03 $ (0.04) $ (0.01)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of long-term debt that is not measured at fair value	Information about our long-term debt that is not measured at fair value is as follows: September 30, 2021 March 31, 2021 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 139,793 $ 139,094 $ 148,500 $ 148,871 Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of September 30, 2021 and March 31, 2021, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency September 30, 2021 March 31, 2021 Russian Ruble $ — $ 3,000 Canadian Dollar 11,500 5,500 South Korean Won 1,500 5,000 Mexican Peso 1,850 1,500 Australian Dollar 1,500 900 Great Britain Pound 400 500 Total notional amounts $ 16,750 $ 16,400
Schedule of fair value of foreign currency forward contracts	The following table represents the fair value of our foreign currency forward contracts: September 30, 2021 March 31, 2021 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 51 $ 45 $ 61 $ 32

Restructuring and other charg_2

Restructuring and other charges (income) (Tables)	6 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring and other charges/(income) by reportable segment were as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 United States and Latin America $ — 351 $ (46) 2,414 Canada — 1,270 (186) 2,128 Europe, Middle East and Africa — 356 (182) 356 Asia-Pacific — 10 — 10 $ — $ 1,987 $ (414) $ 4,908 Restructuring activity related to severance activity described above recorded in "Accrued liabilities" on the condensed consolidated balance sheets is summarized as follows for the six months ended September 30, 2021: Six Months Ended Six Months Ended September 30, 2020 Beginning balance $ 657 $ — Costs/(income) (103) 4,862 Less cash payments (323) (2,791) Ending balance $ 231 $ 2,071

Net Income_(Loss) per Common _2

Net Income/(Loss) per Common Share (Tables)	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of the denominators used to calculate basic EPS and diluted EPS	The reconciliations of the denominators used to calculate basic and diluted net income/(loss) per common share for the three and six months ended September 30, 2021 and 2020, respectively, are as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Basic net income/(loss) per common share Net income/(loss) $ 477 $ 1,838 $ 137 $ (4,247) Weighted-average common shares outstanding 33,328,568 33,164,921 33,268,825 33,075,902 Basic net income/(loss) per common share $ 0.01 $ 0.06 $ 0.00 $ (0.13) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Diluted net income/(loss) per common share Net income/(loss) $ 477 $ 1,838 $ 137 $ (4,247) Weighted-average common shares outstanding 33,328,568 33,164,921 33,268,825 33,075,902 Common share equivalents: Stock options — 3,376 1,667 — Restricted and performance stock units 264,256 249,357 186,085 — Weighted average shares outstanding – dilutive (1) 33,592,824 33,417,654 33,456,577 33,075,902 Diluted net income/(loss) per common share (2) $ 0.01 $ 0.06 $ 0.00 $ (0.13) (1) For the three and six months ended September 30, 2021, 132,605 and 144,664 equity awards, respectively, were not included in the calculation of diluted net income/(loss) per common share, as they would have had an anti-dilutive effect. For the three and six months ended September 30, 2020, 256,444 and 283,764 respectively, were not included in the calculation of diluted net income/(loss) per common share, as they would have had an anti-dilutive effect. (2) As the Company incurred a net loss for the six months ended September 30, 2020, there was no dilutive effect on net loss per common share as common share equivalents are antidilutive. Therefore, both basic and diluted net loss per common share were $(0.13) for the six months ended September 30, 2020.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: September 30, 2021 March 31, 2021 Raw materials $ 37,259 $ 33,485 Work in process 4,838 4,071 Finished goods 25,467 28,008 67,564 65,564 Valuation reserves (1,946) (1,774) Inventories, net $ 65,618 $ 63,790

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill	The carrying amount of goodwill by operating segment as of September 30, 2021 is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2021 $ 62,725 $ 121,550 $ 20,139 $ 8,624 $ 213,038 Foreign currency translation impact — (1,584) (237) — (1,821) Balance as of September 30, 2021 $ 62,725 $ 119,966 $ 19,902 $ 8,624 $ 211,217
Schedule of intangible assets	Our total intangible assets consisted of the following: Gross Carrying Amount at September 30, 2021 Accumulated Amortization Net Carrying Amount at September 30, 2021 Gross Carrying Amount at March 31, 2021 Accumulated Amortization Net Carrying Amount at March 31, 2021 Products $ 65,387 $ (25,610) $ 39,777 $ 66,250 $ (22,635) $ 43,615 Trademarks 45,308 (1,403) 43,905 45,581 (1,289) 44,292 Developed technology 9,966 (5,697) 4,269 10,028 (5,486) 4,542 Customer relationships 113,103 (103,049) 10,054 113,789 (102,911) 10,878 Certifications 454 — 454 457 — 457 Total $ 234,218 $ (135,759) $ 98,459 $ 236,105 $ (132,321) $ 103,784

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	Accrued current liabilities consisted of the following: September 30, 2021 March 31, 2021 Accrued employee compensation and related expenses $ 10,683 $ 11,765 Accrued interest — 648 Customer prepayments 771 283 Warranty reserves 333 250 Professional fees 2,548 2,361 Sales taxes payable 3,143 2,404 Other (1) 6,111 6,177 Total accrued current liabilities $ 23,589 $ 23,888

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: September 30, 2021 March 31, 2021 Variable Rate Term Loan B due October 2024 net of deferred debt issuance costs and debt discounts of $2,983 as of March 31, 2021 $ — $ 145,517 Variable Rate Term Loan A due September 2026 net of deferred debt issuance costs of $706 as of September 30, 2021 $ 139,087 $ — Less current portion (5,242) (2,500) Total long-term debt $ 133,845 $ 143,017
Long-term debt, stated percentage of facilities	Each of the Facilities terminates on September 29, 2026. Commencing January 1, 2022, each of the Term Loans will amortize as set forth in the table below, with payments on the first day of each January, April, July and October, with the balance of each Term Loan Facility due at maturity. Installment Dates Original Principal Amount January 1, 2022 through October 1, 2022 1.25 % January 1, 2023 through October 1, 2024 1.88 % January 1, 2025 through July 1, 2026 2.50 %

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	Disaggregation of revenues from contracts with customers for the three and six months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America $ 17,115 $ 13,327 $ 30,442 $ 11,710 $ 12,166 $ 23,876 Canada 20,036 4,907 24,943 13,776 5,440 19,216 Europe, Middle East and Africa 6,876 9,619 16,495 6,703 5,627 12,330 Asia-Pacific 6,448 2,994 9,442 3,820 7,164 10,984 Total revenues $ 50,475 $ 30,847 $ 81,322 $ 36,009 $ 30,397 $ 66,406 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America 30,870 22,228 $ 53,098 19,985 22,534 $ 42,519 Canada 39,132 11,242 50,374 27,423 11,106 38,529 Europe, Middle East and Africa 13,322 18,107 31,429 13,517 8,280 21,797 Asia-Pacific 11,156 6,420 17,576 7,905 12,504 20,409 Total revenues $ 94,480 $ 57,997 $ 152,477 $ 68,830 $ 54,424 $ 123,254

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Total sales and operating income classified by major geographic area in which the company operates	Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended September 30, 2021 Six Months Ended September 30, 2020 Sales to External Customers: United States and Latin America $ 30,442 $ 23,876 $ 53,098 $ 42,519 Canada 24,943 19,216 50,374 38,529 Europe, Middle East and Africa 16,495 12,330 31,429 21,797 Asia-Pacific 9,442 10,984 17,576 20,409 $ 81,322 $ 66,406 $ 152,477 $ 123,254 Inter-Segment Sales: United States and Latin America $ 10,139 $ 9,825 $ 20,836 $ 21,098 Canada 2,170 1,363 4,939 2,855 Europe, Middle East and Africa 430 378 842 1,073 Asia-Pacific 313 345 617 518 $ 13,052 $ 11,911 $ 27,234 $ 25,544 Depreciation Expense: United States and Latin America $ 1,451 $ 1,542 $ 2,935 $ 3,080 Canada 1,303 1,079 2,723 2,111 Europe, Middle East and Africa 98 115 203 227 Asia-Pacific 44 48 90 95 $ 2,896 $ 2,784 $ 5,951 $ 5,513 Amortization Expense: United States and Latin America $ 295 $ 198 $ 590 $ 874 Canada 1,860 1,758 3,766 3,655 Europe, Middle East and Africa 24 33 48 397 Asia-Pacific 11 108 22 204 $ 2,190 $ 2,097 $ 4,426 $ 5,130 Income/(Loss) from Operations: United States and Latin America $ 750 $ 896 $ (1,895) $ (7,832) Canada 3,793 2,019 7,824 4,178 Europe, Middle East and Africa 2,268 1,124 4,438 1,476 Asia-Pacific 1,317 837 2,425 1,834 Unallocated: Stock compensation (1,246) (1,358) (2,424) (2,491) Public company costs (657) (472) (1,160) (874) $ 6,225 $ 3,046 $ 9,208 $ (3,709) September 30, 2021 March 31, 2021 Property, Plant and Equipment, Net: United States and Latin America $ 33,830 $ 36,155 Canada 30,718 32,583 Europe, Middle East and Africa 3,053 3,141 Asia-Pacific 652 751 $ 68,253 $ 72,630 Total Assets: United States and Latin America $ 210,047 $ 218,699 Canada 290,296 287,907 Europe, Middle East and Africa 82,373 77,798 Asia-Pacific 36,199 33,474 $ 618,915 $ 617,878
Capital expenditures by geographic area	Capital expenditures for our reportable segments were as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Six Months Ended Six Months Ended Capital Expenditures: United States and Latin America $ 322 $ 1,363 $ 640 $ 3,157 Canada 739 634 1,267 867 Europe, Middle East and Africa 106 29 131 48 Asia-Pacific 15 47 17 60 $ 1,182 $ 2,073 $ 2,055 $ 4,132

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policy Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 38,242,000	$ 51,362,000	$ 38,242,000	$ 51,362,000	$ 40,124,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	41,336,000	53,922,000	41,336,000	53,922,000	$ 42,450,000	$ 46,007,000
COVID-19
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Canadian emergency wage subsidy, amount	571,000	2,532	1,510,000	4,948
Prepaid Expenses and Other Current Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	2,745,000	2,190,000	2,745,000	2,190,000
Other Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 349,000	$ 370,000	$ 349,000	$ 370,000

Basis of Presentation and Acc_5

Basis of Presentation and Accounting Policy Information - Correction of an Error (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued liabilities	$ 23,589	$ 22,048	$ 23,888		$ 23,589		$ 23,888
Income taxes payable		254
Deferred income taxes	19,404	21,798	21,006		19,404		21,006
Retained earnings	183,574	183,095	183,436		183,574		183,436
Sales		71,155	73,323				276,181
Cost of sales	49,601	44,617	46,461	$ 37,475	94,218	$ 70,204	159,309
Gross profit	$ 31,721	26,538	26,862	$ 28,931	$ 58,259	$ 53,050	116,872
Net income/(loss)		$ (340)	$ (1,051)				$ 877
Basic (in dollars per share)	$ 0.01	$ (10)	$ (30)	$ 0.06	$ 0	$ (0.13)	$ 30
Diluted (in dollars per share)	$ 0.01	$ (10)	$ (30)	$ 0.06	$ 0	$ (0.13)	$ 30
as reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued liabilities		$ 20,046	$ 23,517				$ 23,517
Income taxes payable		678
Deferred income taxes		21,880	21,088				21,088
Retained earnings		184,591	183,725				183,725
Sales		71,155	73,323				276,181
Cost of sales		42,986	46,090				158,938
Gross profit		28,169	27,233				117,243
Net income/(loss)		$ 867	$ (763)				$ 1,165
Basic (in dollars per share)		$ 30	$ (20)				$ 40
Diluted (in dollars per share)		$ 30	$ (20)				$ 30
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued liabilities		$ 2,002	$ 371				$ 371
Income taxes payable		(424)
Deferred income taxes		(82)	(82)				(82)
Retained earnings		(1,496)	(289)				(289)
Sales		0	0				0
Cost of sales		1,631	371				371
Gross profit		(1,631)	(371)				(371)
Net income/(loss)		$ (1,207)	$ (288)				$ (288)
Basic (in dollars per share)		$ (40)	$ (10)				$ (10)
Diluted (in dollars per share)		$ (40)	$ (10)				$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Loans Payable - Level 2 - Market Approach - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Financial Liabilities, Long-term debt
Long-term debt, Carrying Value	$ 139,793	$ 148,500
Long-term debt, Fair Value	$ 139,094	$ 148,871

Fair Value Measurements - Cross

Fair Value Measurements - Cross Currency Swaps (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Derivative [Line Items]
Unrealized gain (loss) on intercompany note	$ (418)
Gain on derivative net	22
Cross Currency Swap
Derivative [Line Items]
Loss on derivatives and commodity contracts	(851)	$ (441)
Hedge assets	$ 483		$ 1,265

Fair Value Measurements (Deferr

Fair Value Measurements (Deferred compensation plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Plan assets	$ 5,381		$ 5,381		$ 5,047
Deferred compensation liability	4,951		4,951		$ 4,608
Deferred compensation plan expense/(income)	(14)	$ 251	318	$ 781
Unrealized gain (loss) on investments	$ (20)	$ 318	$ 306	$ 840

Fair Value Measurements - Forei

Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Derivative [Line Items]
Notional amount	$ 16,750	$ 16,400
Russian Ruble
Derivative [Line Items]
Notional amount	0	3,000
Canadian Dollar
Derivative [Line Items]
Notional amount	11,500	5,500
South Korean Won
Derivative [Line Items]
Notional amount	1,500	5,000
Mexican Peso
Derivative [Line Items]
Notional amount	1,850	1,500
Australian Dollar
Derivative [Line Items]
Notional amount	1,500	900
Great Britain Pound
Derivative [Line Items]
Notional amount	$ 400	$ 500

Fair Value Measurements - For_2

Fair Value Measurements - Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum term of forward contracts			30 days
Transaction gains (losses) denominated in foreign currencies	$ 350	$ 150	$ 686	$ 331
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contract forwards, assets	51		51		$ 61
Foreign exchange contract forwards, liabilities	$ 45		45		$ 32
Foreign currency gain (loss)			$ 225	$ 49

Restructuring and other charg_3

Restructuring and other charges (income) - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021USD ($)positions	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)positions
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | positions	85		196
Severance costs	$ 1,941		$ 4,862
Abandonment expense			$ 46
Thermon South Africa Proprieary Limited
Restructuring Cost and Reserve [Line Items]
Cash receipts		$ 311

Restructuring and other charg_4

Restructuring and other charges (income) - Restructuring Costs by Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 1,987	$ (414)	$ 4,908
United States and Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	351	(46)	2,414
Canada
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	1,270	(186)	2,128
Europe, Middle East and Africa
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	356	(182)	356
Asia-Pacific
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 10	$ 0	$ 10

Restructuring and other charg_5

Restructuring and other charges (income) - Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Costs/(income)	$ 0	$ 1,987	$ (414)	$ 4,908
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance			657	0
Costs/(income)			(103)	4,862
Less cash payments			(323)	(2,791)
Ending balance	$ 231	$ 2,071	$ 231	$ 2,071

Net Income_(Loss) per Common _3

Net Income/(Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Basic net income (loss) per common share
Net income/(loss)	$ 477	$ (340)		$ 1,838	$ (6,085)	$ 137	$ (4,247)
Weighted-average common shares outstanding (in shares)	33,328,568			33,164,921		33,268,825	33,075,902
Basic net income (loss) per common share (in dollars per share)	$ 0.01	$ (10)	$ (30)	$ 0.06		$ 0	$ (0.13)	$ 30
Diluted net income (loss) per common share
Net income/(loss)	$ 477	$ (340)		$ 1,838	$ (6,085)	$ 137	$ (4,247)
Weighted-average common shares outstanding (in shares)	33,328,568			33,164,921		33,268,825	33,075,902
Diluted (in shares)	33,592,824			33,417,654		33,456,577	33,075,902
Diluted net income (loss) per common share (in dollars per share)	$ 0.01	$ (10)	$ (30)	$ 0.06		$ 0	$ (0.13)	$ 30
Antidilutive securities excluded from computation of earnings per share (in shares)	132,605			256,444		144,664	283,764
Earnings per share, basic and diluted (usd per share)							$ (0.13)
Equity Option
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	0			3,376		1,667	0
Restricted Stock Units
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	264,256			249,357		186,085	0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 37,259	$ 33,485
Work in process	4,838	4,071
Finished goods	25,467	28,008
Inventories, gross	67,564	65,564
Valuation reserves	(1,946)	(1,774)
Inventories, net	$ 65,618	$ 63,790

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)
Goodwill
Balance at the beginning of the period	$ 213,038
Balance at the end of the period	211,217
Operating Segments
Goodwill
Balance at the beginning of the period	213,038
Foreign currency translation impact	(1,821)
Balance at the end of the period	211,217
Operating Segments | United States and Latin America
Goodwill
Balance at the beginning of the period	62,725
Foreign currency translation impact	0
Balance at the end of the period	62,725
Operating Segments | Canada
Goodwill
Balance at the beginning of the period	121,550
Foreign currency translation impact	(1,584)
Balance at the end of the period	119,966
Operating Segments | Europe, Middle East and Africa
Goodwill
Balance at the beginning of the period	20,139
Foreign currency translation impact	(237)
Balance at the end of the period	19,902
Operating Segments | Asia-Pacific
Goodwill
Balance at the beginning of the period	8,624
Foreign currency translation impact	0
Balance at the end of the period	$ 8,624

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (135,759)	$ (132,321)
Intangible assets, gross	234,218	236,105
Intangible assets, net	98,459	103,784
Certifications
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	454	457
Products
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	65,387	66,250
Finite-lived intangible assets, accumulated amortization	(25,610)	(22,635)
Finite-lived intangible assets, net carrying amount	39,777	43,615
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	45,308	45,581
Finite-lived intangible assets, accumulated amortization	(1,403)	(1,289)
Finite-lived intangible assets, net carrying amount	43,905	44,292
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	9,966	10,028
Finite-lived intangible assets, accumulated amortization	(5,697)	(5,486)
Finite-lived intangible assets, net carrying amount	4,269	4,542
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	113,103	113,789
Finite-lived intangible assets, accumulated amortization	(103,049)	(102,911)
Finite-lived intangible assets, net carrying amount	$ 10,054	$ 10,878

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 10,683		$ 11,765
Accrued interest	0		648
Customer prepayments	771		283
Warranty reserves	333		250
Professional fees	2,548		2,361
Sales taxes payable	3,143		2,404
Other	6,111		6,177
Total accrued current liabilities	23,589	$ 22,048	$ 23,888
Accrual for additional cost of sales	$ 3,609

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands, $ in Thousands	Sep. 29, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 29, 2021CAD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Less current portion		$ (5,242)	$ (5,242)			$ (2,500)
Long-term debt, net		$ 133,845	133,845			143,017
Loss on extinguishment of debt			$ (2,569)	$ 0
Line of credit facility, fixed charge coverage ratio		125.00%	125.00%
Letters of credit outstanding, amount		$ 3,037	$ 3,037
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.625%
CDOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.625%
September 30, 2021 through September 30, 2022
Debt Instrument [Line Items]
Debt instrument, consolidated leverage ratio		375.00%	375.00%
December 31, 2022 and each fiscal quarter thereafter
Debt Instrument [Line Items]
Debt instrument, consolidated leverage ratio		350.00%	350.00%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000
Long-term debt, term	5 years				5 years
Line of credit facility, accordian feature	$ 100,000
Line of credit facility, commitment fee percentage	0.25%
Capacity available under credit facility		$ 96,963	$ 96,963
Line of Credit
Debt Instrument [Line Items]
Long-term debt, term	5 years				5 years
Long-term line of credit					$ 76,182
Line of Credit | January 1, 2022 through October 1, 2022
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.25%				1.25%
Line of Credit | January 1, 2023 through October 1, 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.88%				1.88%
Line of Credit | January 1, 2025 through July 1, 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.50%				2.50%
Variable Rate Term Loan due October 2024 | Loans Payable
Debt Instrument [Line Items]
Variable Rate Term Loans						145,517
Debt issuance costs, net		$ 0	$ 0			$ 2,983
U.S. Term Loan
Debt Instrument [Line Items]
Long-term debt, term	5 years				5 years
Long-term line of credit	$ 80,000
Variable term loan, interest rate		1.71%	1.71%
Canadian Term Loan Facility
Debt Instrument [Line Items]
Variable term loan, interest rate		2.05%	2.05%
Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs		$ 1,210	$ 1,210
Loss on extinguishment of debt		2,569
Variable Rate Term Loan due September 2026 | Loans Payable
Debt Instrument [Line Items]
Variable Rate Term Loans		$ 139,087	$ 139,087

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 8,554
Guarantee obligations secured by cash deposits	1,582
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	3,037
Indian custom bonds outstanding	4,880
Accrual for additional cost of sales	$ 3,609

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 81,322	$ 66,406	$ 152,477	$ 123,254
Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	50,475	36,009
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	30,847	30,397
United States and Latin America
Disaggregation of Revenue [Line Items]
Total revenues	30,442	23,876
United States and Latin America | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	17,115	11,710	30,870	19,985
United States and Latin America | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	13,327	12,166	22,228	22,534
Canada
Disaggregation of Revenue [Line Items]
Total revenues	24,943	19,216
Canada | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	20,036	13,776	39,132	27,423
Canada | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	4,907	5,440	11,242	11,106
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenues	16,495	12,330
Europe, Middle East and Africa | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,876	6,703	13,322	13,517
Europe, Middle East and Africa | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	9,619	5,627	18,107	8,280
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	9,442	10,984
Asia-Pacific | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,448	3,820	11,156	7,905
Asia-Pacific | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,994	$ 7,164	$ 6,420	$ 12,504

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Sep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 155,481
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 40,191
Remaining performance obligation, period	1 year

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 13,216	$ 11,379
Contract liabilities	$ 3,955	$ 2,959

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Mar. 31, 2022
Income Tax Contingency [Line Items]
Effective tax rate	93.60%	42.30%
Discrete tax expense	$ 301		$ 945
Liability for uncertain tax positions	$ 846		$ 846
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective tax rate				25.50%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segmentGeographic_Region	Sep. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Sales by geographic area:
Number of Reportable Segments | segment			4
Number of Operating Segments | Geographic_Region			4
Sales	$ 81,322	$ 66,406	$ 152,477	$ 123,254
Depreciation	2,896	2,784	5,951	5,513
Amortization of intangible assets	2,190	2,097	4,426	5,130
Operating income
Operating income (loss)	6,225	3,046	9,208	(3,709)
Property, plant and equipment, net	68,253		68,253		$ 72,630
Assets	618,915		618,915		617,878
Operating Segments
Sales by geographic area:
Sales	81,322	66,406	152,477	123,254
Intersegment Eliminations
Sales by geographic area:
Sales	13,052	11,911	27,234	25,544
Segment Reconciling Items
Operating income
Stock compensation expense	(1,246)	(1,358)	(2,424)	(2,491)
Public company costs	(657)	(472)	(1,160)	(874)
United States and Latin America
Sales by geographic area:
Depreciation	1,451	1,542	2,935	3,080
Amortization of intangible assets	295	198	590	874
Operating income
Operating income (loss)	750	896	(1,895)	(7,832)
Property, plant and equipment, net	33,830		33,830		36,155
Assets	210,047		210,047		218,699
United States and Latin America | Operating Segments
Sales by geographic area:
Sales	30,442	23,876	53,098	42,519
United States and Latin America | Intersegment Eliminations
Sales by geographic area:
Sales	10,139	9,825	20,836	21,098
Canada
Sales by geographic area:
Depreciation	1,303	1,079	2,723	2,111
Amortization of intangible assets	1,860	1,758	3,766	3,655
Operating income
Operating income (loss)	3,793	2,019	7,824	4,178
Property, plant and equipment, net	30,718		30,718		32,583
Assets	290,296		290,296		287,907
Canada | Operating Segments
Sales by geographic area:
Sales	24,943	19,216	50,374	38,529
Canada | Intersegment Eliminations
Sales by geographic area:
Sales	2,170	1,363	4,939	2,855
Europe, Middle East and Africa
Sales by geographic area:
Depreciation	98	115	203	227
Amortization of intangible assets	24	33	48	397
Operating income
Operating income (loss)	2,268	1,124	4,438	1,476
Property, plant and equipment, net	3,053		3,053		3,141
Assets	82,373		82,373		77,798
Europe, Middle East and Africa | Operating Segments
Sales by geographic area:
Sales	16,495	12,330	31,429	21,797
Europe, Middle East and Africa | Intersegment Eliminations
Sales by geographic area:
Sales	430	378	842	1,073
Asia-Pacific
Sales by geographic area:
Depreciation	44	48	90	95
Amortization of intangible assets	11	108	22	204
Operating income
Operating income (loss)	1,317	837	2,425	1,834
Property, plant and equipment, net	652		652		751
Assets	36,199		36,199		$ 33,474
Asia-Pacific | Operating Segments
Sales by geographic area:
Sales	9,442	10,984	17,576	20,409
Asia-Pacific | Intersegment Eliminations
Sales by geographic area:
Sales	$ 313	$ 345	$ 617	$ 518

Segment Information - Capital E

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,182	$ 2,073	$ 2,055	$ 4,132
United States and Latin America
Segment Reporting Information [Line Items]
Capital expenditures	322	1,363	640	3,157
Canada
Segment Reporting Information [Line Items]
Capital expenditures	739	634	1,267	867
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Capital expenditures	106	29	131	48
Asia-Pacific
Segment Reporting Information [Line Items]
Capital expenditures	$ 15	$ 47	$ 17	$ 60