Thermon (THR) 10-Q 3 Nov 22 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
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, 2022
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		33,493,234
Entity Central Index Key	0001489096
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
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, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 31,866	$ 41,445
Accounts receivable, net of allowances of $2,116 and $2,177 as of September 30, 2022, and March 31, 2022, respectively	100,557	95,305
Inventories, net	95,014	71,650
Contract assets	12,985	19,626
Prepaid expenses and other current assets	15,191	11,786
Income tax receivable	2,334	4,626
Total current assets	257,947	244,438
Property, plant and equipment, net	61,795	66,039
Goodwill	218,306	212,754
Intangible assets, net	97,197	94,908
Operating lease right-of-use assets	10,657	10,534
Deferred income taxes	819	1,211
Other non-current assets	7,558	6,785
Total assets	654,279	636,669
Current liabilities:
Accounts payable	41,097	33,567
Accrued liabilities	24,111	26,971
Current portion of long term debt	9,321	7,929
Borrowings under revolving credit facility	29,000	0
Contract liabilities	12,225	8,010
Lease liabilities	3,358	3,624
Income taxes payable	1,864	897
Total current liabilities	120,976	80,998
Long-term debt, net	104,684	120,431
Deferred income taxes	14,571	17,943
Non-current lease liabilities	9,768	9,659
Other noncurrent liabilities	8,522	8,434
Total liabilities	258,521	237,465
Commitments and contingencies (Note 10)
Equity
Common stock: $0.001 par value; 150,000,000 authorized; 33,483,608 and 33,364,722 shares issued and outstanding at September 30, 2022 and March 31, 2022, respectively	33	33
Preferred stock: $0.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid in capital	236,407	234,549
Accumulated other comprehensive loss	(61,751)	(38,906)
Retained earnings	221,069	203,528
Total equity	395,758	399,204
Total liabilities and equity	$ 654,279	$ 636,669

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Depreciation and amortization	$ 0	$ 63,954
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	33,483,608	33,364,722
Common stock, shares outstanding	33,483,608	33,364,722
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)	$ 2,116	$ 2,177

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Sales	$ 100,557	$ 81,322	$ 195,999	$ 152,477
Cost of sales	54,631	49,601	112,848	94,218
Gross profit	45,926	31,721	83,151	58,259
Operating expenses:
Selling, general and administrative expenses	27,754	23,320	52,157	44,721
Deferred compensation plan expense/(income)	(303)	(14)	(963)	318
Amortization of intangible assets	2,437	2,190	4,705	4,426
Restructuring and other charges/(income)	0	0	0	(414)
Income/(loss) from operations	16,038	6,225	27,252	9,208
Other income/(expenses):
Interest expense, net	(1,408)	(2,022)	(2,243)	(4,187)
Other income/(expense)	(335)	(2,956)	(1,251)	(2,890)
Income/(loss) before provision for income taxes	14,295	1,247	23,758	2,131
Income tax expense/(benefit)	3,311	770	6,218	1,994
Net income/(loss)	10,984	477	17,540	137
Comprehensive income/(loss):
Net income/(loss)	10,984	477	17,540	137
Foreign currency translation adjustment	(17,811)	(7,625)	(22,963)	(3,430)
Other miscellaneous income/(loss)	116	51	118	(13)
Comprehensive income/(loss)	$ (6,711)	$ (7,097)	$ (5,305)	$ (3,306)
Net income/(loss) per common share:
Basic (in dollars per share)	$ 0.33	$ 0.01	$ 0.52	$ 0
Diluted (in dollars per share)	$ 0.33	$ 0.01	$ 0.52	$ 0
Weighted-average shares used in computing net income/(loss) per common share:
Basic (in shares)	33,476,695	33,328,568	33,438,657	33,268,825
Diluted (in shares)	33,773,475	33,592,824	33,611,291	33,456,577

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)	Employees Common Stock	Executive Officer Common Stock	Director Common Stock
Beginning balance (in shares) at Mar. 31, 2021		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	$ 0	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				4,195
Other	(64)				(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
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
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
Ending balance at Sep. 30, 2021	$ 377,525	$ 33	233,280	183,574	(39,362)
Beginning balance (in shares) at Mar. 31, 2022	33,364,722	33,364,722
Beginning balance at Mar. 31, 2022	$ 399,204	$ 33	234,549	203,528	(38,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						30,352	64,294	8,766
Stock compensation expense	1,193		1,193
Repurchase of employee stock units on vesting	(552)		(552)
Net income/(loss)	6,556			6,556
Foreign currency translation adjustment	(5,152)			0	(5,152)
Other	3			1	2
Ending balance (in shares) at Jun. 30, 2022		33,468,134
Ending balance at Jun. 30, 2022	$ 401,252	$ 33	235,190	210,085	(44,056)
Beginning balance (in shares) at Mar. 31, 2022	33,364,722	33,364,722
Beginning balance at Mar. 31, 2022	$ 399,204	$ 33	234,549	203,528	(38,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	$ 17,540
Ending balance (in shares) at Sep. 30, 2022	33,483,608	33,483,608
Ending balance at Sep. 30, 2022	$ 395,758	$ 33	236,407	221,069	(61,751)
Beginning balance (in shares) at Jun. 30, 2022		33,468,134
Beginning balance at Jun. 30, 2022	401,252	$ 33	235,190	210,085	(44,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						5,544		9,930
Stock compensation expense	1,251		1,251
Repurchase of employee stock units on vesting	(34)		(34)
Net income/(loss)	10,984			10,984
Foreign currency translation adjustment	(17,811)				(17,811)
Other	$ 116		0	0	116
Ending balance (in shares) at Sep. 30, 2022	33,483,608	33,483,608
Ending balance at Sep. 30, 2022	$ 395,758	$ 33	$ 236,407	$ 221,069	$ (61,751)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income/(loss)	$ 17,540	$ 137
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	9,852	10,377
Amortization of deferred debt issuance costs	152	446
Loss on extinguishment of debt	0	2,569
Stock compensation expense	2,444	2,424
Deferred income taxes	(1,749)	24
Reserve for uncertain tax positions, net	20	38
(Gain)/loss on long-term cross currency swap	0	(785)
Remeasurement (gain)/loss on intercompany balances	530	(1,182)
Loss on sale of business, net of cash surrendered	0	308
Changes in operating assets and liabilities:
Accounts receivable	(8,577)	(8,359)
Inventories	(22,013)	(2,101)
Contract assets	10,100	(898)
Other current and non-current assets	(3,677)	(1,781)
Accounts payable	7,369	11,386
Accrued liabilities and non-current liabilities	(2,807)	(91)
Income taxes payable and receivable	3,347	(2,061)
Net cash provided by/(used in) operating activities	12,531	10,451
Investing activities
Purchases of property, plant and equipment	(3,614)	(2,055)
Sale of rental equipment	103	57
Cash paid for acquisitions, net of cash acquired	(35,299)	0
Net cash provided by/(used in) in investing activities	(38,810)	(1,998)
Financing activities
Proceeds from Term Loan A	0	140,425
Proceeds from revolving credit facility	32,000	7,959
Payments on long-term debt and revolving credit facility	(13,441)	(156,634)
Issuance costs associated with revolving line of credit and long term debt	0	(1,210)
Proceeds from exercise of stock options	0	97
Repurchase of employee stock units on vesting	(586)	(562)
Payments on finance leases	(30)	(67)
Net cash provided by/(used in) financing activities	17,943	(9,992)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,050)	425
Change in cash, cash equivalents and restricted cash	(9,386)	(1,114)
Cash, cash equivalents and restricted cash at beginning of period	43,931	42,450
Cash, cash equivalents and restricted cash at end of period	$ 34,545	$ 41,336

Basis of Presentation

Basis of Presentation	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, tubing bundles, industrial heating blankets and chillers), 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, 2022 ("fiscal 2022"). In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments considered necessary to present fairly our financial position at September 30, 2022 and March 31, 2022, and the results of our operations for the three and six months ended September 30, 2022 and 2021. Certain prior year amounts have been reclassified to conform with the current year's presentation. Impact of the COVID-19 Pandemic and General Economic Environment 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. We are still experiencing effects of lockdowns in certain parts of Asia, which are impacting our results in our Asia-Pacific ("APAC") segment. The effect of loosening pandemic restrictions outside of APAC, along with pent-up demand from periods of stagnant lockdown and uncertainty have combined to strengthen customer demand from most regions we serve, especially in North America. During periods of the pandemic we have experienced, and may experience in the future, a decline in the demand of our products and services or disruptions in raw materials or labor required for manufacturing that has in the past, and may in the future, materially and negatively impact our business, financial condition, results of operation and overall financial performance. 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. We have also had to increase our inventory of certain items to ensure availability in the face of supply chain disruptions. We continue to monitor the pandemic restrictions and other effects the pandemic may have on our business. 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. We recorded no transactions related to CEWS for the three and six months ended September 30, 2022. We recorded $547 and $1,248 related to CEWS to "Cost of sales" in our condensed consolidated statement of operations for the three and six months ended September 30, 2021. We recorded $186 and $500 related to CEWS to "Selling, general and administrative expenses" in our condensed consolidated statement of operations for the three and six months ended September 30, 2021. We anticipate no benefit from the CEWS program in the fiscal year ending March 31, 2023 ("fiscal 2023") as the program ended in October 2021. 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 its assumptions and estimates on the facts and circumstances existing at September 30, 2022, 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, 2022 are not necessarily indicative of the results that may be achieved for fiscal 2023. 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 non-current 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, 2022 September 30, 2021 Cash and cash equivalents $ 31,866 $ 38,242 Restricted cash included in prepaid expenses and other current assets 2,655 2,745 Restricted cash included in other non-current assets 24 349 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 34,545 $ 41,336 Amounts shown in restricted cash included in prepaid expenses and other current assets and other non-current 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 non-current assets represent such agreements that require a commitment term longer than one year. Recent Accounting Pronouncements Business Combinations - In October 2021, the FASB issued Accounting Standards Update, ("ASU") 2021-08 - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASC 805). ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under this "Topic 606 approach," the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. The ASU is effective for all public business entities in annual and interim periods starting after December 15, 2022, and early adoption is permitted. We are still evaluating this ASU and will consider early adoption with future acquisitions, if any.

Acquisition

Acquisition	6 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisition	Acquisition Powerblanket On May 31, 2022 (the "Acquisition Date"), Thermon Holding Corp., as buyer, acquired 100% of the issued and outstanding equity interests of Powerblanket (“Powerblanket”) from Glacier Capital LLC, as seller (the "Acquisition"). Powerblanket is a leading North American supplier of heated blankets built upon patented heat spreading technology and portable industrial chillers. The Acquisition increases our exposure to growing industrial and commercial end-markets through its freeze protection, temperature control and flow assurance solutions. We have integrated Powerblanket into our United States and Latin America ("US- LAM") reportable segment. From the period May 31, 2022 to September 30, 2022, Powerblanket contributed $3,967 in Sales and $(698) in Net income/(loss) to our consolidated operating results. The initial purchase price for the Acquisition was $35,000, subject to an adjustment for net working capital acquired at closing. Subsequent to the Acquisition Date, and commensurate with the purchase agreement, we increased the purchase price by $299 for net working capital acquired. We financed the Acquisition through the use of our revolving credit facility as well as cash on hand. Powerblanket's revenue structure does not result in material contract assets or liabilities. Acquisition Costs In accordance with GAAP, costs incurred to complete the Acquisition are expensed as incurred. Total acquisition costs, which represent transaction costs, legal fees, and third-party professional fees were $403, of which $251 were incurred in the six months ended September 30, 2022. No acquisition costs were incurred in the three months ended September 30, 2022. Acquisition costs are reflected in "Selling, general and administrative expenses" in our condensed consolidated statement of operations and comprehensive income/(loss). Purchase Price Allocation We have accounted for the Acquisition according to the business combinations guidance found in ASC 805 - Business Combinations , henceforth referred to as acquisition accounting. Acquisition accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. We used primarily Level 2 inputs to allocate the purchase price to the major categories of assets and liabilities shown below, with the exception of the contract-based intangible asset, which was valued using Level 3 inputs. The carrying values of inventories, property, plant and equipment as well as leased assets approximated their respective fair values. During the measurement period, if new information is obtained about facts and circumstances that existed as of the Acquisition Date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date, we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the Acquisition Date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings. Purchase Price Allocation Amortization Period (years) Fair Value Accounts receivable $ 1,267 Inventories 3,545 Property, plant and equipment 391 Other current assets 290 Other non-current assets 954 Intangibles: Customer relationships 9.8 3,301 Trademarks 9.8 3,397 Contract-based 5.0 1,280 Developed technology 15.8 5,189 Goodwill 18,620 Total fair value of assets acquired $ 38,234 Accounts payable (1,098) Accrued liabilities (637) Other liabilities (1,200) Total fair value of liabilities acquired $ (2,935) Purchase Price $ 35,299 Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the Acquisition occurred at the beginning of the periods presented. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the Acquisition had occurred at the beginning of the periods presented, nor are they indicative of future results of operations. The pro forma results presented below are adjusted for the removal of acquisition and other related costs of $286 which were incurred in our first fiscal quarter ended June 30, 2022. in thousands, unaudited Three Months Ended September 30, 2022 Three Months Ended September, 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September, 30, 2021 Sales $ 100,557 $ 84,401 $ 197,863 $ 157,990 Net Income/(loss) 10,984 1,221 17,257 814

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2022
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, 2022 and March 31, 2022, no assets or liabilities were valued using Level 3 criteria, except for those acquired in our recent acquisition of Powerblanket, discussed in Note 2, "Acquisition." Information about our long-term debt that is not measured at fair value is as follows: September 30, 2022 March 31, 2022 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Assets Deferred compensation plan assets $ 5,521 $ 5,521 $ 5,391 $ 5,391 Level 1 - Active Markets Foreign currency contract forwards assets — — 105 105 Level 2 - Market Approach Financial Liabilities Outstanding borrowings from revolving line of credit $ 29,000 $ 29,000 $ — $ — Level 1 - Active Markets Outstanding principal amount of senior secured credit facility 114,539 113,966 129,000 128,355 Level 2 - Market Approach Deferred compensation plan liabilities 4,938 4,938 4,837 4,837 Level 1 - Active Markets Foreign currency contract forwards liabilities 46 46 — — Level 2 - Market Approach At September 30, 2022 and March 31, 2022, 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. Additionally, we acquired certain assets and liabilities as disclosed in Note 2, "Acquisition" at fair value according to purchase price accounting 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 non-current assets” in the condensed consolidated balance sheets at September 30, 2022 and March 31, 2022 were $5,521 and $5,391, 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 $4,938 and $4,837 included in “Other non-current liabilities” in the condensed consolidated balance sheets at September 30, 2022 and March 31, 2022, respectively. 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 plan expense/(income) was $(303) and $(14) for the three months ended September 30, 2022 and 2021, respectively, and $(963) and $318 for the six months ended September 30, 2022 and 2021, 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/expense" on our condensed consolidated statements of operations and comprehensive income/(loss). Our unrealized losses and (gains) on investments were $296 and $20, respectively, for the three months ended September 30, 2022 and 2021, respectively, and $934 and $(306) for the six months ended September 30, 2022 and 2021, 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/expense" on our condensed consolidated statements of operations and comprehensive income/(loss). 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, 2022 and March 31, 2022, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency September 30, 2022 March 31, 2022 Euro $ 1,000 $ — Canadian Dollar — 4,000 South Korean Won 2,000 2,250 Australian Dollar — 1,000 Japanese Yen 300 — Total notional amounts $ 3,300 $ 7,250 Foreign currency gains or losses related to our forward contracts in the accompanying condensed consolidated statements of operations and comprehensive income/(loss) were losses of $(252) and gains of $41 in the three months ended September 30, 2022 and 2021, respectively, and losses of $(612) and $(225) for the six months ended September 30, 2022 and 2021, 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, 2022 and 2021, our net foreign currency transactions resulted in losses of $(37) and $(350), respectively, and losses of $(333) and $(686) in the six months ended September 30, 2022 and 2021 .

Restructuring and other charges

Restructuring and other charges (income)	6 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring and other charges (income)	Restructuring and Other Charges/(Income) Fiscal 2023 charges/(income) We have not recorded any restructuring charges/(income) in fiscal 2023. 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/(loss). 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. Restructuring and other charges/(income) by reportable segment were as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 United States and Latin America $ — $ — $ — $ (46) Canada — — — (186) Europe, Middle East and Africa — — — (182) Asia-Pacific — — — — $ — $ — $ — $ (414)

Net Income_(Loss) per Common Sh

Net Income/(Loss) per Common Share	6 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income/(Loss) per Common Share	Net Income/(Loss) per Common Share 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, 2022 and 2021, respectively, are as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Basic net income/(loss) per common share Net income/(loss) $ 10,984 $ 477 $ 17,540 $ 137 Weighted-average common shares outstanding 33,476,695 33,328,568 33,438,657 33,268,825 Basic net income/(loss) per common share $ 0.33 $ 0.01 $ 0.52 $ 0.00 Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Diluted net income/(loss) per common share Net income/(loss) $ 10,984 $ 477 $ 17,540 $ 137 Weighted-average common shares outstanding 33,476,695 33,328,568 33,438,657 33,268,825 Common share equivalents: Stock options 1,536 — — 1,667 Restricted and performance stock units 295,244 264,256 172,634 186,085 Weighted average shares outstanding – dilutive (1) 33,773,475 33,592,824 33,611,291 33,456,577 Diluted net income/(loss) per common share $ 0.33 $ 0.01 $ 0.52 $ 0.00 (1) For the three months ended September 30, 2022 and 2021, 36,310 and 132,605 equity awards, respectively and for the six months ended September 30, 2022 and 2021, 113,559 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. 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.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: September 30, 2022 March 31, 2022 Raw materials $ 56,347 $ 41,389 Work in process 5,304 6,294 Finished goods 36,339 25,802 97,990 73,485 Valuation reserves (2,976) (1,835) Inventories, net $ 95,014 $ 71,650

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Sep. 30, 2022
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, 2022, is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2022 $ 62,725 $ 122,318 $ 19,087 $ 8,624 $ 212,754 Goodwill acquired (1) 18,620 — — — 18,620 Foreign currency translation impact — (10,807) (2,261) — (13,068) Balance as of September 30, 2022 $ 81,345 $ 111,511 $ 16,826 $ 8,624 $ 218,306 (1) - Refer to Note 2, "Acquisition," for more information on the goodwill acquired through our recent acquisition of Powerblanket. 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 2022, we identified the disruptions to our business from the ongoing Russo-Ukrainian war as an indicator of potential impairments in our EMEA reporting unit. We performed our annual goodwill, intangible and tangible impairment assessments including our indefinite life trademarks. Based on the goodwill impairment assessment, there was no impairment of goodwill, intangible or tangible assets or our indefinite life trademarks as of the respective reporting periods. 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, as appropriate. Separately, we added $18,620 of goodwill as part of our recent acquisition of Powerblanket, which is discussed further in Note 2, "Acquisition." The newly acquired goodwill is allocated to our US-LAM segment. We believe the goodwill acquired in this recent acquisition represents synergies from combining operations in addition to the already identifiable assets. We anticipate being able to deduct goodwill for tax purposes. No triggering events were identified during the three and six month periods ended September 30, 2022 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, 2022 Accumulated Amortization Net Carrying Amount at September 30, 2022 Gross Carrying Amount at March 31, 2022 Accumulated Amortization Net Carrying Amount at March 31, 2022 Products $ 60,778 $ (29,882) $ 30,896 $ 66,669 $ (29,445) $ 37,224 Trademarks 46,492 (1,744) 44,748 45,222 (1,517) 43,705 Developed technology 14,648 (5,985) 8,663 9,946 (5,933) 4,013 Customer relationships 111,642 (100,370) 11,272 113,413 (103,900) 9,513 Certifications 431 — 431 453 — 453 Contract-based 1,280 (93) 1,187 — — — Total $ 235,271 $ (138,074) $ 97,197 $ 235,703 $ (140,795) $ 94,908

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: September 30, 2022 March 31, 2022 Accrued employee compensation and related expenses $ 13,529 $ 16,235 Accrued interest 381 277 Customer prepayments 30 405 Warranty reserves 964 557 Professional fees 2,443 2,540 Sales taxes payable 2,624 2,758 Other (1) 4,140 4,199 Total accrued current liabilities $ 24,111 $ 26,971 (1) - Included in Other are accrued warranty-related costs of $2,000 and $2,523, respectively, associated with the operational execution of a US-LAM project that was completed previously.

Debt

Debt	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: September 30, 2022 March 31, 2022 Variable Rate Term Loan A due September 2026, net of deferred debt issuance costs of $534 and $640 as of September 30, 2022, and March 31, 2022, respectively $ 114,005 $ 128,360 Less current portion (9,321) (7,929) Total long-term debt $ 104,684 $ 120,431 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”), which was further amended on November 19, 2021. 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 $1,265 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/(loss). 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, 2022, we were in compliance with all financial covenants of the Credit Agreement and there is no material uncertainty about our ongoing ability to comply with our covenants. 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, 2022, we had $29,000 in outstanding borrowings under the Revolving Credit Facility. We had $69,220 of available borrowing capacity thereunder after taking into account the borrowing base and $1,780 o f outstanding letters of credit and the outstanding borrowings under the Revolving Credit Facility as of September 30, 2022. 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, 2022 were 4.93% for the Canadian Term Loan Facility, 3.81% for the U.S. Term Loan Facility, and 3.77% for the U.S. Revolving Credit Facility. Interest expense has been presented net of interest income on our condensed consolidated statements of operations and comprehensive income/(loss).

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings and Other Contingencies 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. As of September 30, 2022, management believes that adequate reserves have been established for any probable and reasonably estimable losses. Expenses related to litigation reduce operating income. 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 reporting period. 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 that would not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. The settlement is subject to, among other things, approval by the Superior Court. Letters of Credit and Bank Guarantees

Revenue

Revenue	6 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic location, as well as 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 transitions 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 goods or services, or a combination of goods and services, to the customer. Disaggregation of revenues from contracts with customers for the three and six months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 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 $ 24,749 $ 22,685 $ 47,434 $ 17,115 $ 13,327 $ 30,442 Canada 25,656 9,127 34,783 20,036 4,907 24,943 Europe, Middle East and Africa 5,261 4,282 9,543 6,876 9,619 16,495 Asia-Pacific 6,665 2,132 8,797 6,448 2,994 9,442 Total revenues $ 62,331 $ 38,226 $ 100,557 $ 50,475 $ 30,847 $ 81,322 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 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 $ 47,865 $ 45,162 $ 93,027 $ 30,870 $ 22,228 $ 53,098 Canada 50,787 16,191 66,978 39,132 11,242 50,374 Europe, Middle East and Africa 11,168 8,411 19,579 13,322 18,107 31,429 Asia-Pacific 11,297 5,118 16,415 11,156 6,420 17,576 Total revenues $ 121,117 $ 74,882 $ 195,999 $ 94,480 $ 57,997 $ 152,477 Performance Obligations At September 30, 2022, revenues associated with our open performance obligations totaled $160,764. Within this amount, approximately $19,469 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, 2022 and March 31, 2022, contract assets were $12,985 and $19,626, respectively. There were no losses recognized on our contract assets for the six months ended September 30, 2022 and 2021. As of September 30, 2022 and March 31, 2022, contract liabilities were $12,225 and $8,010, respectively. The majority of contract liabilities at March 31, 2022 will be recognized as revenue in fiscal 2023. We typically recognize revenue associated with our contract liabilities within 12 months.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 26.2% and 93.6% for the six months ended September 30, 2022 and 2021, respectively. During the six months ended September 30, 2021, the Company recorded discrete tax expenses of $301 related to withholding taxes in Canada and $945 related to an increase in withholding tax rate in our Russian subsidiary. As of September 30, 2022, we have established a long-term liability for uncertain tax positions in the amount of $921. As of September 30, 2022, the tax years for the fiscal years ended March 31, 2017 through March 31, 2022, remain open to examination by the major taxing jurisdictions.

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationWe 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, food and beverage, 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, industrial heating blankets and related products, 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. 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, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Sales to External Customers: United States and Latin America $ 47,434 $ 30,442 $ 93,027 $ 53,098 Canada 34,783 24,943 66,978 50,374 Europe, Middle East and Africa 9,543 16,495 19,579 31,429 Asia-Pacific 8,797 9,442 16,415 17,576 $ 100,557 $ 81,322 $ 195,999 $ 152,477 Inter-Segment Sales: United States and Latin America $ 11,841 $ 10,139 $ 22,742 $ 20,836 Canada 3,304 2,170 6,656 4,939 Europe, Middle East and Africa 234 430 656 842 Asia-Pacific 433 313 812 617 $ 15,812 $ 13,052 $ 30,866 $ 27,234 Depreciation Expense: United States and Latin America $ 1,240 $ 1,451 $ 2,587 $ 2,935 Canada 1,148 1,303 2,300 2,723 Europe, Middle East and Africa 96 98 189 203 Asia-Pacific 35 44 71 90 $ 2,519 $ 2,896 $ 5,147 $ 5,951 Amortization Expense: United States and Latin America $ 599 $ 295 $ 999 $ 590 Canada 1,795 1,860 3,630 3,766 Europe, Middle East and Africa 20 24 42 48 Asia-Pacific 23 11 34 22 $ 2,437 $ 2,190 $ 4,705 $ 4,426 Income/(Loss) from Operations: United States and Latin America $ 6,163 $ 750 $ 17,716 $ (1,895) Canada 8,700 3,793 12,776 7,824 Europe, Middle East and Africa 1,079 2,268 (1,562) 4,438 Asia-Pacific 1,809 1,317 1,746 2,425 Unallocated: Stock compensation (1,251) (1,246) (2,444) (2,424) Public company costs (462) (657) (980) (1,160) $ 16,038 $ 6,225 $ 27,252 $ 9,208 September 30, 2022 March 31, 2022 Property, Plant and Equipment, Net: United States and Latin America $ 31,069 $ 31,919 Canada 27,597 30,686 Europe, Middle East and Africa 2,600 2,796 Asia-Pacific 529 638 $ 61,795 $ 66,039 Total Assets: United States and Latin America $ 277,037 $ 241,421 Canada 281,822 296,459 Europe, Middle East and Africa 64,655 67,608 Asia-Pacific 30,765 31,181 $ 654,279 $ 636,669 Capital expenditures for our reportable segments were as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended Six Months Ended Capital Expenditures: United States and Latin America $ 1,180 $ 322 $ 1,423 $ 640 Canada 715 739 2,000 1,267 Europe, Middle East and Africa 51 106 132 131 Asia-Pacific 51 15 59 17 $ 1,997 $ 1,182 $ 3,614 $ 2,055

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of EstimatesGenerally 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 its assumptions and estimates on the facts and circumstances existing at September 30, 2022, 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, 2022 are not necessarily indicative of the results that may be achieved for fiscal
Recent Accounting Pronouncements	Recent Accounting Pronouncements Business Combinations - In October 2021, the FASB issued Accounting Standards Update, ("ASU") 2021-08 - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASC 805). ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under this "Topic 606 approach," the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. The ASU is effective for all public business entities in annual and interim periods starting after December 15, 2022, and early adoption is permitted. We are still evaluating this ASU and will consider early adoption with future acquisitions, if any.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policy Information (Tables)	6 Months Ended
	Sep. 30, 2021
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 non-current 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, 2022 September 30, 2021 Cash and cash equivalents $ 31,866 $ 38,242 Restricted cash included in prepaid expenses and other current assets 2,655 2,745 Restricted cash included in other non-current assets 24 349 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 34,545 $ 41,336

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Business Combination, Purchase Price Information	Purchase Price Allocation Amortization Period (years) Fair Value Accounts receivable $ 1,267 Inventories 3,545 Property, plant and equipment 391 Other current assets 290 Other non-current assets 954 Intangibles: Customer relationships 9.8 3,301 Trademarks 9.8 3,397 Contract-based 5.0 1,280 Developed technology 15.8 5,189 Goodwill 18,620 Total fair value of assets acquired $ 38,234 Accounts payable (1,098) Accrued liabilities (637) Other liabilities (1,200) Total fair value of liabilities acquired $ (2,935) Purchase Price $ 35,299
Business Acquisition, Pro Forma Information	The pro forma results presented below are adjusted for the removal of acquisition and other related costs of $286 which were incurred in our first fiscal quarter ended June 30, 2022. in thousands, unaudited Three Months Ended September 30, 2022 Three Months Ended September, 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September, 30, 2021 Sales $ 100,557 $ 84,401 $ 197,863 $ 157,990 Net Income/(loss) 10,984 1,221 17,257 814

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2022 March 31, 2022 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Assets Deferred compensation plan assets $ 5,521 $ 5,521 $ 5,391 $ 5,391 Level 1 - Active Markets Foreign currency contract forwards assets — — 105 105 Level 2 - Market Approach Financial Liabilities Outstanding borrowings from revolving line of credit $ 29,000 $ 29,000 $ — $ — Level 1 - Active Markets Outstanding principal amount of senior secured credit facility 114,539 113,966 129,000 128,355 Level 2 - Market Approach Deferred compensation plan liabilities 4,938 4,938 4,837 4,837 Level 1 - Active Markets Foreign currency contract forwards liabilities 46 46 — — Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of September 30, 2022 and March 31, 2022, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency September 30, 2022 March 31, 2022 Euro $ 1,000 $ — Canadian Dollar — 4,000 South Korean Won 2,000 2,250 Australian Dollar — 1,000 Japanese Yen 300 — Total notional amounts $ 3,300 $ 7,250

Restructuring and other charg_2

Restructuring and other charges (income) (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 United States and Latin America $ — $ — $ — $ (46) Canada — — — (186) Europe, Middle East and Africa — — — (182) Asia-Pacific — — — — $ — $ — $ — $ (414)

Net Income_(Loss) per Common _2

Net Income/(Loss) per Common Share (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2022 and 2021, respectively, are as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Basic net income/(loss) per common share Net income/(loss) $ 10,984 $ 477 $ 17,540 $ 137 Weighted-average common shares outstanding 33,476,695 33,328,568 33,438,657 33,268,825 Basic net income/(loss) per common share $ 0.33 $ 0.01 $ 0.52 $ 0.00 Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Diluted net income/(loss) per common share Net income/(loss) $ 10,984 $ 477 $ 17,540 $ 137 Weighted-average common shares outstanding 33,476,695 33,328,568 33,438,657 33,268,825 Common share equivalents: Stock options 1,536 — — 1,667 Restricted and performance stock units 295,244 264,256 172,634 186,085 Weighted average shares outstanding – dilutive (1) 33,773,475 33,592,824 33,611,291 33,456,577 Diluted net income/(loss) per common share $ 0.33 $ 0.01 $ 0.52 $ 0.00

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: September 30, 2022 March 31, 2022 Raw materials $ 56,347 $ 41,389 Work in process 5,304 6,294 Finished goods 36,339 25,802 97,990 73,485 Valuation reserves (2,976) (1,835) Inventories, net $ 95,014 $ 71,650

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill	The carrying amount of goodwill by operating segment as of September 30, 2022, is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2022 $ 62,725 $ 122,318 $ 19,087 $ 8,624 $ 212,754 Goodwill acquired (1) 18,620 — — — 18,620 Foreign currency translation impact — (10,807) (2,261) — (13,068) Balance as of September 30, 2022 $ 81,345 $ 111,511 $ 16,826 $ 8,624 $ 218,306 (1) - Refer to Note 2, "Acquisition," for more information on the goodwill acquired through our recent acquisition of Powerblanket.
Schedule of intangible assets	Our total intangible assets consisted of the following: Gross Carrying Amount at September 30, 2022 Accumulated Amortization Net Carrying Amount at September 30, 2022 Gross Carrying Amount at March 31, 2022 Accumulated Amortization Net Carrying Amount at March 31, 2022 Products $ 60,778 $ (29,882) $ 30,896 $ 66,669 $ (29,445) $ 37,224 Trademarks 46,492 (1,744) 44,748 45,222 (1,517) 43,705 Developed technology 14,648 (5,985) 8,663 9,946 (5,933) 4,013 Customer relationships 111,642 (100,370) 11,272 113,413 (103,900) 9,513 Certifications 431 — 431 453 — 453 Contract-based 1,280 (93) 1,187 — — — Total $ 235,271 $ (138,074) $ 97,197 $ 235,703 $ (140,795) $ 94,908

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	Accrued current liabilities consisted of the following: September 30, 2022 March 31, 2022 Accrued employee compensation and related expenses $ 13,529 $ 16,235 Accrued interest 381 277 Customer prepayments 30 405 Warranty reserves 964 557 Professional fees 2,443 2,540 Sales taxes payable 2,624 2,758 Other (1) 4,140 4,199 Total accrued current liabilities $ 24,111 $ 26,971 (1) - Included in Other are accrued warranty-related costs of $2,000 and $2,523, respectively, associated with the operational execution of a US-LAM project that was completed previously.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: September 30, 2022 March 31, 2022 Variable Rate Term Loan A due September 2026, net of deferred debt issuance costs of $534 and $640 as of September 30, 2022, and March 31, 2022, respectively $ 114,005 $ 128,360 Less current portion (9,321) (7,929) Total long-term debt $ 104,684 $ 120,431
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, 2022
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, 2022 and 2021 is as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 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 $ 24,749 $ 22,685 $ 47,434 $ 17,115 $ 13,327 $ 30,442 Canada 25,656 9,127 34,783 20,036 4,907 24,943 Europe, Middle East and Africa 5,261 4,282 9,543 6,876 9,619 16,495 Asia-Pacific 6,665 2,132 8,797 6,448 2,994 9,442 Total revenues $ 62,331 $ 38,226 $ 100,557 $ 50,475 $ 30,847 $ 81,322 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 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 $ 47,865 $ 45,162 $ 93,027 $ 30,870 $ 22,228 $ 53,098 Canada 50,787 16,191 66,978 39,132 11,242 50,374 Europe, Middle East and Africa 11,168 8,411 19,579 13,322 18,107 31,429 Asia-Pacific 11,297 5,118 16,415 11,156 6,420 17,576 Total revenues $ 121,117 $ 74,882 $ 195,999 $ 94,480 $ 57,997 $ 152,477

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2022 Three Months Ended September 30, 2021 Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Sales to External Customers: United States and Latin America $ 47,434 $ 30,442 $ 93,027 $ 53,098 Canada 34,783 24,943 66,978 50,374 Europe, Middle East and Africa 9,543 16,495 19,579 31,429 Asia-Pacific 8,797 9,442 16,415 17,576 $ 100,557 $ 81,322 $ 195,999 $ 152,477 Inter-Segment Sales: United States and Latin America $ 11,841 $ 10,139 $ 22,742 $ 20,836 Canada 3,304 2,170 6,656 4,939 Europe, Middle East and Africa 234 430 656 842 Asia-Pacific 433 313 812 617 $ 15,812 $ 13,052 $ 30,866 $ 27,234 Depreciation Expense: United States and Latin America $ 1,240 $ 1,451 $ 2,587 $ 2,935 Canada 1,148 1,303 2,300 2,723 Europe, Middle East and Africa 96 98 189 203 Asia-Pacific 35 44 71 90 $ 2,519 $ 2,896 $ 5,147 $ 5,951 Amortization Expense: United States and Latin America $ 599 $ 295 $ 999 $ 590 Canada 1,795 1,860 3,630 3,766 Europe, Middle East and Africa 20 24 42 48 Asia-Pacific 23 11 34 22 $ 2,437 $ 2,190 $ 4,705 $ 4,426 Income/(Loss) from Operations: United States and Latin America $ 6,163 $ 750 $ 17,716 $ (1,895) Canada 8,700 3,793 12,776 7,824 Europe, Middle East and Africa 1,079 2,268 (1,562) 4,438 Asia-Pacific 1,809 1,317 1,746 2,425 Unallocated: Stock compensation (1,251) (1,246) (2,444) (2,424) Public company costs (462) (657) (980) (1,160) $ 16,038 $ 6,225 $ 27,252 $ 9,208 September 30, 2022 March 31, 2022 Property, Plant and Equipment, Net: United States and Latin America $ 31,069 $ 31,919 Canada 27,597 30,686 Europe, Middle East and Africa 2,600 2,796 Asia-Pacific 529 638 $ 61,795 $ 66,039 Total Assets: United States and Latin America $ 277,037 $ 241,421 Canada 281,822 296,459 Europe, Middle East and Africa 64,655 67,608 Asia-Pacific 30,765 31,181 $ 654,279 $ 636,669
Capital expenditures by geographic area	Capital expenditures for our reportable segments were as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Six Months Ended Six Months Ended Capital Expenditures: United States and Latin America $ 1,180 $ 322 $ 1,423 $ 640 Canada 715 739 2,000 1,267 Europe, Middle East and Africa 51 106 132 131 Asia-Pacific 51 15 59 17 $ 1,997 $ 1,182 $ 3,614 $ 2,055

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policy Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 31,866	$ 38,242	$ 31,866	$ 38,242	$ 41,445
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	34,545	41,336	34,545	41,336	$ 43,931	$ 42,450
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	2,655	2,745	2,655	2,745
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	24	349	24	349
COVID-19 | Cost of Sales
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments to Income Statement	$ 547		$ 1,248
COVID-19 | Marketing, general and administrative and engineering
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments to Income Statement		$ 186		$ 500

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	4 Months Ended
	May 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Increase to net working capital		$ 299
Powerblanket
Business Acquisition [Line Items]
Revenues				$ 3,967
Net income				(698)
Payments to acquire business	$ 35,000
Transaction costs			$ 251	251
Acquisition and other related costs			286
Powerblanket | Marketing, general and administrative and engineering
Business Acquisition [Line Items]
Transaction costs			$ 403	$ 403

Acquisition - Purchase Price (D

Acquisition - Purchase Price (Details) - USD ($) $ in Thousands	May 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 218,306	$ 212,754
Powerblanket
Business Acquisition [Line Items]
Accounts receivable	$ 1,267
Inventories	3,545
Property, plant and equipment	391
Other current assets	290
Other non-current assets	954
Goodwill	18,620
Total fair value of assets acquired	38,234
Accounts payable	(1,098)
Accrued liabilities	(637)
Other liabilities	(1,200)
Total liabilities	(2,935)
Purchase Price	35,299
Powerblanket | Customer relationships
Business Acquisition [Line Items]
Intangibles:	$ 3,301
Amortization Period (years)	9 years 9 months 18 days
Powerblanket | Trademarks
Business Acquisition [Line Items]
Intangibles:	$ 3,397
Amortization Period (years)	9 years 9 months 18 days
Powerblanket | Contract-based
Business Acquisition [Line Items]
Intangibles:	$ 1,280
Amortization Period (years)	5 years
Powerblanket | Developed technology
Business Acquisition [Line Items]
Intangibles:	$ 5,189
Amortization Period (years)	15 years 9 months 18 days

Acquisition - Pro Forma Informa

Acquisition - Pro Forma Information (Details) - Thermon Heating Systems Inc. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Sales	$ 100,557	$ 84,401	$ 197,863	$ 157,990
Net Income/(loss)	$ 10,984	$ 1,221	$ 17,257	$ 814

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Financial Assets
Deferred compensation plan assets	$ 5,521	$ 5,391
Financial Liabilities
Deferred compensation plan liabilities	4,938	4,837
Foreign currency contract forwards liabilities	46	0
Foreign Exchange Forward Contracts
Financial Assets
Foreign currency contract forwards assets	0	105
Outstanding borrowings from revolving line of credit
Financial Liabilities
Long-term debt, Carrying Value	29,000	0
Level 1 - Active Markets
Financial Assets
Deferred compensation plan assets	5,521	5,391
Level 1 - Active Markets | Foreign Exchange Forward Contracts
Financial Assets
Foreign currency contract forwards assets	0	105
Level 2 - Market Approach
Financial Liabilities
Deferred compensation plan liabilities	4,938	4,837
Foreign currency contract forwards liabilities	46	0
Level 2 - Market Approach | Outstanding borrowings from revolving line of credit
Financial Liabilities
Long-term debt, Fair Value	29,000	0
Loans Payable
Financial Liabilities
Long-term debt, Carrying Value	114,539	129,000
Loans Payable | Level 2 - Market Approach
Financial Liabilities
Long-term debt, Fair Value	$ 113,966	$ 128,355

Fair Value Measurements (Deferr

Fair Value Measurements (Deferred compensation plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Deferred compensation plan assets	$ 5,521		$ 5,521		$ 5,391
Deferred compensation plan liabilities	4,938		4,938		$ 4,837
Deferred compensation plan expense/(income)	(303)	$ (14)	$ (963)	$ 318
Unrealized gain (loss) on investments	$ 296	$ 20
Maximum term of forward contracts			30 days

Fair Value Measurements - Forei

Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Derivative [Line Items]
Notional amount	$ 3,300	$ 7,250
Euro
Derivative [Line Items]
Notional amount	1,000	0
Canadian Dollar
Derivative [Line Items]
Notional amount	0	4,000
South Korean Won
Derivative [Line Items]
Notional amount	2,000	2,250
Australian Dollar
Derivative [Line Items]
Notional amount	0	1,000
Japanese Yen
Derivative [Line Items]
Notional amount	$ 300	$ 0

Fair Value Measurements - For_2

Fair Value Measurements - Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transaction gains (losses) denominated in foreign currencies	$ 37	$ (350)	$ 333	$ (686)
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency gain (loss)	$ 252	$ (41)

Restructuring and other charg_3

Restructuring and other charges (income) - Narrative (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Thermon South Africa Proprieary Limited
Restructuring Cost and Reserve [Line Items]
Cash recipts	$ (311)
Canada
Restructuring Cost and Reserve [Line Items]
Severance costs	$ (103)

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 0	$ 0	$ (414)
United States and Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	0	(46)
Canada
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	0	(186)
Europe, Middle East and Africa
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	0	(182)
Asia-Pacific
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 0	$ 0	$ 0

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
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic net income (loss) per common share
Net income/(loss)	$ 10,984	$ 6,556	$ 477	$ (340)	$ 17,540	$ 137
Weighted-average common shares outstanding (in shares)	33,476,695		33,328,568		33,438,657	33,268,825
Basic net income (loss) per common share (in dollars per share)	$ 0.33		$ 0.01		$ 0.52	$ 0
Diluted net income (loss) per common share
Net income/(loss)	$ 10,984	$ 6,556	$ 477	$ (340)	$ 17,540	$ 137
Weighted-average common shares outstanding (in shares)	33,476,695		33,328,568		33,438,657	33,268,825
Diluted (in shares)	33,773,475		33,592,824		33,611,291	33,456,577
Diluted net income (loss) per common share (in dollars per share)	$ 0.33		$ 0.01		$ 0.52	$ 0
Antidilutive securities excluded from computation of earnings per share (in shares)	36,310		132,605		113,559	144,664
Equity Option
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	1,536		0		0	1,667
Restricted Stock Units
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	295,244		264,256		172,634	186,085

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 56,347	$ 41,389
Work in process	5,304	6,294
Finished goods	36,339	25,802
Inventories, gross	97,990	73,485
Valuation reserves	(2,976)	(1,835)
Inventories, net	$ 95,014	$ 71,650

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill
Balance at the beginning of the period	$ 212,754
Balance at the end of the period	218,306
Operating Segments
Goodwill
Balance at the beginning of the period	212,754
Goodwill acquired	18,620
Foreign currency translation impact	(13,068)
Balance at the end of the period	218,306
Operating Segments | United States and Latin America
Goodwill
Balance at the beginning of the period	62,725
Goodwill acquired	18,620
Foreign currency translation impact	0
Balance at the end of the period	81,345
Operating Segments | Canada
Goodwill
Balance at the beginning of the period	122,318
Goodwill acquired	0
Foreign currency translation impact	(10,807)
Balance at the end of the period	111,511
Operating Segments | Europe, Middle East and Africa
Goodwill
Balance at the beginning of the period	19,087
Goodwill acquired	0
Foreign currency translation impact	(2,261)
Balance at the end of the period	16,826
Operating Segments | Asia-Pacific
Goodwill
Balance at the beginning of the period	8,624
Goodwill acquired	0
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, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (138,074)	$ (140,795)
Intangible assets, gross	235,271	235,703
Intangible assets, net	97,197	94,908
Certifications
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	431	453
Products
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	60,778	66,669
Finite-lived intangible assets, accumulated amortization	(29,882)	(29,445)
Finite-lived intangible assets, net carrying amount	30,896	37,224
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	46,492	45,222
Finite-lived intangible assets, accumulated amortization	(1,744)	(1,517)
Finite-lived intangible assets, net carrying amount	44,748	43,705
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	14,648	9,946
Finite-lived intangible assets, accumulated amortization	(5,985)	(5,933)
Finite-lived intangible assets, net carrying amount	8,663	4,013
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	111,642	113,413
Finite-lived intangible assets, accumulated amortization	(100,370)	(103,900)
Finite-lived intangible assets, net carrying amount	11,272	9,513
Contract-based
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	1,280	0
Finite-lived intangible assets, accumulated amortization	(93)	0
Finite-lived intangible assets, net carrying amount	$ 1,187	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 13,529	$ 16,235
Accrued interest	381	277
Customer prepayments	30	405
Warranty reserves	964	557
Professional fees	2,443	2,540
Sales taxes payable	2,624	2,758
Other	4,140	4,199
Total accrued current liabilities	24,111	26,971
Accrued warranty costs	$ 2,000	$ 2,523

Debt (Details)

Debt (Details) $ in Thousands, $ in Thousands		3 Months Ended	6 Months Ended
	Sep. 29, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Sep. 29, 2021 CAD ($)
Debt Instrument [Line Items]
Less current portion		$ (9,321)	$ (9,321)		$ (7,929)
Long-term debt, net		$ 104,684	104,684		120,431
Loss on extinguishment of debt			$ 0	$ (2,569)
Line of credit facility, fixed charge coverage ratio		125%	125%
Letters of credit outstanding, amount		$ 1,780	$ 1,780
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%	375%
December 31, 2022 and each fiscal quarter thereafter
Debt Instrument [Line Items]
Debt instrument, consolidated leverage ratio		350%	350%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000
Long-term debt, term	5 years					5 years
Long-term line of credit		$ 29,000	$ 29,000
Line of credit facility, accordian feature	$ 100,000
Line of credit facility, commitment fee percentage	0.25%
Capacity available under credit facility		69,220	69,220
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 September 2026 | Loans Payable
Debt Instrument [Line Items]
Variable Rate Term Loans		114,005	114,005		128,360
Debt issuance costs, net		$ 0	$ 0		$ 640
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		3.81%	3.81%
Canadian Term Loan Facility
Debt Instrument [Line Items]
Variable term loan, interest rate		4.93%	4.93%
Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs		$ 1,265	$ 1,265
Loss on extinguishment of debt		$ 2,569
Variable term loan, interest rate		3.77%	3.77%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 15,372
Guarantee obligations secured by cash deposits	1,214
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	1,780
Indian custom bonds outstanding	$ 4,454

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 100,557	$ 81,322	$ 195,999	$ 152,477
Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	62,331	50,475	121,117	94,480
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	38,226	30,847	74,882	57,997
United States and Latin America
Disaggregation of Revenue [Line Items]
Total revenues	47,434	30,442	93,027	53,098
United States and Latin America | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	24,749	17,115	47,865	30,870
United States and Latin America | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	22,685	13,327	45,162	22,228
Canada
Disaggregation of Revenue [Line Items]
Total revenues	34,783	24,943	66,978	50,374
Canada | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	25,656	20,036	50,787	39,132
Canada | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	9,127	4,907	16,191	11,242
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenues	9,543	16,495	19,579	31,429
Europe, Middle East and Africa | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	5,261	6,876	11,168	13,322
Europe, Middle East and Africa | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	4,282	9,619	8,411	18,107
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	8,797	9,442	16,415	17,576
Asia-Pacific | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,665	6,448	11,297	11,156
Asia-Pacific | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,132	$ 2,994	$ 5,118	$ 6,420

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 160,764
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 19,469
Remaining performance obligation, period	1 year

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 12,985	$ 19,626
Contract liabilities	$ 12,225	$ 8,010

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	26.20%	93.60%
Discrete tax expense	$ 945
Liability for uncertain tax positions	$ 921

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Sep. 30, 2022 Geographic_Region segment
Segment Reporting [Abstract]
Number of reportable segments | segment	4
Number of operating segments | Geographic_Region	4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Sales by geographic area:
Sales	$ 100,557	$ 81,322	$ 195,999	$ 152,477
Depreciation	2,519	2,896	5,147	5,951
Amortization of intangible assets	2,437	2,190	4,705	4,426
Operating income
Operating income (loss)	16,038	6,225	27,252	9,208
Property, plant and equipment, net	61,795		61,795		$ 66,039
Assets	654,279		654,279		636,669
Operating Segments
Sales by geographic area:
Sales	100,557	81,322	195,999	152,477
Intersegment Eliminations
Sales by geographic area:
Sales	15,812	13,052	30,866	27,234
Segment Reconciling Items
Operating income
Stock compensation	(1,251)	(1,246)	(2,444)	(2,424)
Public company costs	(462)	(657)	(980)	(1,160)
United States and Latin America
Sales by geographic area:
Depreciation	1,240	1,451	2,587	2,935
Amortization of intangible assets	599	295	999	590
Operating income
Operating income (loss)	6,163	750	17,716	(1,895)
Property, plant and equipment, net	31,069		31,069		31,919
Assets	277,037		277,037		241,421
United States and Latin America | Operating Segments
Sales by geographic area:
Sales	47,434	30,442	93,027	53,098
United States and Latin America | Intersegment Eliminations
Sales by geographic area:
Sales	11,841	10,139	22,742	20,836
Canada
Sales by geographic area:
Depreciation	1,148	1,303	2,300	2,723
Amortization of intangible assets	1,795	1,860	3,630	3,766
Operating income
Operating income (loss)	8,700	3,793	12,776	7,824
Property, plant and equipment, net	27,597		27,597		30,686
Assets	281,822		281,822		296,459
Canada | Operating Segments
Sales by geographic area:
Sales	34,783	24,943	66,978	50,374
Canada | Intersegment Eliminations
Sales by geographic area:
Sales	3,304	2,170	6,656	4,939
Europe, Middle East and Africa
Sales by geographic area:
Depreciation	96	98	189	203
Amortization of intangible assets	20	24	42	48
Operating income
Operating income (loss)	1,079	2,268	(1,562)	4,438
Property, plant and equipment, net	2,600		2,600		2,796
Assets	64,655		64,655		67,608
Europe, Middle East and Africa | Operating Segments
Sales by geographic area:
Sales	9,543	16,495	19,579	31,429
Europe, Middle East and Africa | Intersegment Eliminations
Sales by geographic area:
Sales	234	430	656	842
Asia-Pacific
Sales by geographic area:
Depreciation	35	44	71	90
Amortization of intangible assets	23	11	34	22
Operating income
Operating income (loss)	1,809	1,317	1,746	2,425
Property, plant and equipment, net	529		529		638
Assets	30,765		30,765		$ 31,181
Asia-Pacific | Operating Segments
Sales by geographic area:
Sales	8,797	9,442	16,415	17,576
Asia-Pacific | Intersegment Eliminations
Sales by geographic area:
Sales	$ 433	$ 313	$ 812	$ 617

Segment Information - Capital E

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,997	$ 1,182	$ 3,614	$ 2,055
United States and Latin America
Segment Reporting Information [Line Items]
Capital expenditures	1,180	322	1,423	640
Canada
Segment Reporting Information [Line Items]
Capital expenditures	715	739	2,000	1,267
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Capital expenditures	51	106	132	131
Asia-Pacific
Segment Reporting Information [Line Items]
Capital expenditures	$ 51	$ 15	$ 59	$ 17