Thermon (THR) 10-Q 2 Feb 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2022	Feb. 01, 2023
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	Dec. 31, 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		33,503,561
Entity Central Index Key	0001489096
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	THR
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,363	$ 41,445
Accounts receivable, net of allowances of $3,344 and $2,177 as of December 31, 2022, and March 31, 2022, respectively	92,380	95,305
Inventories, net	91,418	71,650
Contract assets	16,597	19,626
Prepaid expenses and other current assets	15,981	11,786
Income tax receivable	1,469	4,626
Total current assets	253,208	244,438
Property, plant and equipment, net of depreciation and amortization of $67,024 and $63,954 as of December 31, 2022, and March 31, 2022, respectively	61,039	66,039
Goodwill	221,195	212,754
Intangible assets, net	96,162	94,908
Operating lease right-of-use assets	10,377	10,534
Deferred income taxes	778	1,211
Other non-current assets	7,336	6,785
Total assets	650,095	636,669
Current liabilities:
Accounts payable	30,003	33,567
Accrued liabilities	28,234	26,971
Current portion of long-term debt	10,219	7,929
Borrowings under revolving credit facility	24,500	0
Contract liabilities	9,780	8,010
Lease liabilities	3,506	3,624
Income taxes payable	3,570	897
Total current liabilities	109,812	80,998
Long-term debt, net	97,574	120,431
Deferred income taxes	12,531	17,943
Non-current lease liabilities	9,642	9,659
Other non-current liabilities	9,032	8,434
Total liabilities	238,591	237,465
Commitments and contingencies (Note 10)
Equity
Common stock: $0.001 par value; 150,000,000 authorized; 33,495,287 and 33,364,722 shares issued and outstanding at December 31, 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	238,399	234,549
Accumulated other comprehensive loss	(56,423)	(38,906)
Retained earnings	229,495	203,528
Total equity	411,504	399,204
Total liabilities and equity	$ 650,095	$ 636,669

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 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	33,495,287	33,364,722
Common stock, shares outstanding	33,495,287	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)	$ 3,344	$ 2,177

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Sales	$ 122,110	$ 100,613	$ 318,109	$ 253,090
Cost of sales	71,660	59,866	184,508	154,084
Gross profit	50,450	40,747	133,601	99,006
Operating expenses:
Selling, general and administrative expenses	30,889	22,099	83,046	66,820
Deferred compensation plan expense/(income)	464	292	(499)	610
Amortization of intangible assets	2,367	2,187	7,072	6,613
Restructuring and other charges/(income)	2,668	0	2,668	(414)
Income/(loss) from operations	14,062	16,169	41,314	25,377
Other income/(expenses):
Interest expense, net	(1,877)	(842)	(4,120)	(5,029)
Other income/(expense)	659	(627)	(592)	(3,517)
Income/(loss) before provision for income taxes	12,844	14,700	36,602	16,831
Income tax expense/(benefit)	4,419	3,430	10,637	5,424
Net income/(loss)	8,425	11,270	25,965	11,407
Comprehensive income/(loss):
Net income/(loss)	8,425	11,270	25,965	11,407
Foreign currency translation adjustment	5,403	(413)	(17,560)	(3,843)
Other miscellaneous income/(loss)	(75)	(96)	43	(109)
Comprehensive income/(loss)	$ 13,753	$ 10,761	$ 8,448	$ 7,455
Net income/(loss) per common share:
Basic (in dollars per share)	$ 0.25	$ 0.34	$ 0.78	$ 0.34
Diluted (in dollars per share)	$ 0.25	$ 0.33	$ 0.77	$ 0.34
Weighted-average shares used in computing net income/(loss) per common share:
Basic (in shares)	33,493,540	33,340,000	33,457,048	33,292,614
Diluted (in shares)	33,879,733	33,658,104	33,756,218	33,481,964

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)	11,407
Ending balance (in shares) at Dec. 31, 2021		33,341,899
Ending balance at Dec. 31, 2021	388,560	$ 33	233,555	194,843	(39,871)
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		(1)	1	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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						52		8,004
Stock compensation expense	275		275
Net income/(loss)	11,270			11,270
Foreign currency translation adjustment	(413)				(413)
Other	(97)		0	(1)	(96)
Ending balance (in shares) at Dec. 31, 2021		33,341,899
Ending balance at Dec. 31, 2021	$ 388,560	$ 33	233,555	194,843	(39,871)
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)	$ 25,965
Ending balance (in shares) at Dec. 31, 2022	33,495,287	33,495,287
Ending balance at Dec. 31, 2022	$ 411,504	$ 33	238,399	229,495	(56,423)
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
Ending balance at Sep. 30, 2022	395,758	$ 33	236,407	221,069	(61,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						512		11,167
Stock compensation expense	1,994		1,994
Repurchase of employee stock units on vesting	(2)		(2)
Net income/(loss)	8,425			8,425
Foreign currency translation adjustment	5,403				5,403
Other	$ (74)			1	(75)
Ending balance (in shares) at Dec. 31, 2022	33,495,287	33,495,287
Ending balance at Dec. 31, 2022	$ 411,504	$ 33	$ 238,399	$ 229,495	$ (56,423)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income/(loss)	$ 25,965	$ 11,407
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	14,557	15,349
Amortization of deferred debt issuance costs	230	495
Loss on extinguishment of debt	0	2,569
Impairment of property, plant, and equipment	367	0
Stock compensation expense	4,438	2,699
Deferred income taxes	(4,186)	(878)
Reserve for uncertain tax positions, net	36	58
(Gain)/loss on long-term cross currency swap	0	(1,391)
Remeasurement (gain)/loss on intercompany balances	134	(556)
Loss on sale of business, net of cash surrendered	0	310
Changes in operating assets and liabilities:
Accounts receivable	1,145	(15,471)
Inventories	(18,047)	(6,137)
Contract assets	4,447	(6,287)
Other current and non-current assets	(695)	(3,293)
Accounts payable	(4,066)	15,221
Accrued liabilities and non-current liabilities	1,433	(824)
Income taxes payable and receivable	5,847	475
Net cash provided by/(used in) operating activities	31,605	13,746
Investing activities
Purchases of property, plant and equipment	(5,173)	(2,920)
Sale of rental equipment	163	235
Cash paid for acquisitions, net of cash acquired	(35,299)	0
Net cash provided by/(used in) in investing activities	(40,309)	(2,685)
Financing activities
Proceeds from Term Loan A	0	140,425
Proceeds from revolving credit facility	34,500	15,959
Payments on long-term debt and revolving credit facility	(27,121)	(171,862)
Issuance costs associated with revolving line of credit and long term debt	0	(1,248)
Proceeds from exercise of stock options	0	97
Repurchase of employee stock units on vesting	(588)	(562)
Payments on finance leases	(62)	(96)
Net cash provided by/(used in) financing activities	6,729	(17,287)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(754)	(821)
Change in cash, cash equivalents and restricted cash	(2,729)	(7,047)
Cash, cash equivalents and restricted cash at beginning of period	43,931	42,450
Cash, cash equivalents and restricted cash at end of period	$ 41,202	$ 35,403

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 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 December 31, 2022 and March 31, 2022, and the results of our operations for the three and nine months ended December 31, 2022 and 2021. 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 nine months ended December 31, 2022. We recorded $199 and $1,448 related to CEWS to "Cost of sales" in our condensed consolidated statement of operations for the three and nine months ended December 31, 2021. We recorded $4 and $504 related to CEWS to "Selling, general and administrative expenses" in our condensed consolidated statement of operations for the three and nine months ended December 31, 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 December 31, 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 nine months ended December 31, 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. December 31, 2022 December 31, 2021 Cash and cash equivalents $ 35,363 $ 32,566 Restricted cash included in prepaid expenses and other current assets 5,813 2,496 Restricted cash included in other non-current assets 26 341 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 41,202 $ 35,403 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 generally contain cash deposits pledged as collateral on performance bonds and letters of credit. Additionally, due to the uncertain nature of whether we can repatriate certain funds from our Russian subsidiary, we have classified $3,084 of the cash and cash equivalents held in our Russian subsidiary as restricted cash and included the related balance in prepaid expenses and other current assets. 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 with fiscal years 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	9 Months Ended
	Dec. 31, 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 December 31, 2022, Powerblanket contributed $11,848 in Sales and $1,302 in Net income/(loss) to our consolidated operating results. For the three months ended December 31, 2022, Powerblanket contributed $7,881 in Sales and $2,000 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 $278, of which $126 were incurred in the nine months ended December 31, 2022. No acquisition costs were incurred in the three months ended December 31, 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 December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Sales $ 122,110 $ 107,443 $ 319,973 $ 265,350 Net Income/(loss) 8,425 12,623 25,588 13,438

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 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 December 31, 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 financial assets and liabilities is as follows: December 31, 2022 March 31, 2022 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Assets Deferred compensation plan assets $ 6,020 $ 6,020 $ 5,391 $ 5,391 Level 1 - Active Markets Foreign currency contract forwards assets 80 80 105 105 Level 2 - Market Approach Financial Liabilities Outstanding borrowings from revolving line of credit $ 24,500 $ 24,500 $ — $ — Level 1 - Active Markets Outstanding principal amount of senior secured credit facility 108,279 108,521 129,000 128,355 Level 2 - Market Approach Deferred compensation plan liabilities 5,416 5,416 4,837 4,837 Level 1 - Active Markets Foreign currency contract forwards liabilities 76 76 — — Level 2 - Market Approach At December 31, 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 December 31, 2022 and March 31, 2022 were $6,020 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 $5,416 and $4,837 included in “Other non-current liabilities” in the condensed consolidated balance sheets at December 31, 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 $464 and $292 for the three months ended December 31, 2022 and 2021, respectively, and $(499) and $610 for the nine months ended December 31, 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 $(484) and $(314), respectively, for the three months ended December 31, 2022 and 2021, respectively, and $450 and $(620) for the nine months ended December 31, 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 December 31, 2022 and March 31, 2022, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2022 March 31, 2022 Euro $ 1,000 $ — Canadian Dollar — 4,000 South Korean Won — 2,250 Mexican Peso 1,500 — Australian Dollar — 1,000 Total notional amounts $ 2,500 $ 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 a gain of $102 and a loss of $(637) in the three months ended December 31, 2022 and 2021, respectively, and losses of $(510) and $(861) for the nine months ended December 31, 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 December 31, 2022 and 2021, our net foreign currency transactions resulted in a gain of $193 and losses of $(949), respectively, and losses of $(140) and $(1,634) in the nine months ended December 31, 2022 and 2021 .

Restructuring and other charges

Restructuring and other charges (income)	9 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and other charges (income)	Restructuring and Other Charges/(Income) Impairment and other charges/(income) In the third quarter of fiscal 2023, we identified a triggering event in our EMEA reportable segment. Given the continuing depressed economic conditions resulting from the Russo-Ukrainian war, including sanctions related thereto, the Company conducted a strategic assessment of its operations in its Russian subsidiary and we concluded that there was uncertainty in whether the Company could realize significant future economic benefits. Therefore, we recorded a total charge of $8,334 in the three months ended December 31, 2022. The charges were comprised of the following: Charge Financial statement impact Amount Increase in Current Expected Credit Loss, or "CECL," allowance for credit loss for certain accounts receivable Accounts receivable, net; Selling, general and administrative expenses $ 835 Increase in inventory reserves Inventories, net; Cost of sales 4,831 Contract asset adjustment Contract assets; Restructuring and other charges/(income) 327 Prepaid expenses and other current assets adjustment Prepaid expenses and other current assets, Income tax receivable; Restructuring and other charges/(income) 1,477 Impairment of Property, plant and equipment, net Property, plant and equipment, net; Restructuring and other charges/(income) 367 Impairment of Operating lease right-of-use assets Operating lease right-of-use assets; Restructuring and other charges/(income) 389 Impairment of Other non-current assets Deferred income taxes, Other non-current assets; Restructuring and other charges/(income) 108 $ 8,334 All charges described above were recorded in our Europe, Middle East and Africa ("EMEA") reportable segment, with the exception of $241 of cost of sales from an increase in inventory reserves in our Canada reportable segment. Additionally, we reclassified $3,084 of cash in our Russian subsidiary to restricted cash due to due to the uncertain nature of whether we can repatriate certain funds from our Russian subsidiary. The Company will continue to evaluate sales to international customers with a presence in the Russian Federation and engage in those sales to the extent permissible with various international sanctions. Please refer to Note 7, "Goodwill and Other Intangible Assets," for more information on impairment, and Note 14, "Subsequent Events," for more information regarding the Company's operations in the Russian Federation. Fiscal 2022 charges/(income) In the nine months ended December 31, 2021, 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 December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 United States and Latin America $ — $ — $ — $ (46) Canada — — — (186) Europe, Middle East and Africa (1) 2,668 — 2,668 (182) Asia-Pacific — — — — $ 2,668 $ — $ 2,668 $ (414)

Net Income_(Loss) per Common Sh

Net Income/(Loss) per Common Share	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2022 and 2021, respectively, are as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Basic net income/(loss) per common share Net income/(loss) $ 8,425 $ 11,270 $ 25,965 $ 11,407 Weighted-average common shares outstanding 33,493,540 33,340,000 33,457,048 33,292,614 Basic net income/(loss) per common share $ 0.25 $ 0.34 $ 0.78 $ 0.34 Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Diluted net income/(loss) per common share Net income/(loss) $ 8,425 $ 11,270 $ 25,965 $ 11,407 Weighted-average common shares outstanding 33,493,540 33,340,000 33,457,048 33,292,614 Common share equivalents: Stock options 7,858 271 2,545 1,660 Restricted and performance stock units 378,335 317,833 296,625 187,690 Weighted average shares outstanding – dilutive (1) 33,879,733 33,658,104 33,756,218 33,481,964 Diluted net income/(loss) per common share $ 0.25 $ 0.33 $ 0.77 $ 0.34 (1) For the three months ended December 31, 2022 and 2021, 28,499 and 45,099 equity awards, respectively and for the nine months ended December 31, 2022 and 2021, 39,517 and 139,843 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.

Inventories

Inventories	9 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: December 31, 2022 March 31, 2022 Raw materials $ 60,605 $ 41,389 Work in process 5,483 6,294 Finished goods 32,601 25,802 98,689 73,485 Valuation reserves (7,271) (1,835) Inventories, net $ 91,418 $ 71,650

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Dec. 31, 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 December 31, 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 — (9,465) (714) — (10,179) Balance as of December 31, 2022 $ 81,345 $ 112,853 $ 18,373 $ 8,624 $ 221,195 (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. In the third quarter of fiscal 2023, we identified a triggering event in our EMEA reportable segment. The depressed economic conditions resulting from the Russo-Ukrainian war as well as the related sanctions were contributing factors in our decision to test our EMEA reportable segment under ASC 350 and ASC 360. Based on the results of our quantitative goodwill impairment assessment, there was no impairment of goodwill or intangible assets. We did, however, segregate our Russian subsidiary as a new asset group for long-lived asset impairment-testing purposes and determined that the assets relating to our Russian subsidiary were not recoverable under ASC 360. We recorded an impairment charge of $756, which includes Property, plant and equipment, net as well as Operating lease right-of-use assets. Refer to Note 4," Restructuring and Other Charges/(Income)," for more information. Separately, in the first quarter of fiscal 2023, 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. We will continue to monitor our reporting units' goodwill and asset valuations and test for potential impairments, as appropriate. 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. Our total intangible assets consisted of the following: Gross Carrying Amount at December 31, 2022 Accumulated Amortization Net Carrying Amount at December 31, 2022 Gross Carrying Amount at March 31, 2022 Accumulated Amortization Net Carrying Amount at March 31, 2022 Products $ 61,510 $ (31,780) $ 29,730 $ 66,669 $ (29,445) $ 37,224 Trademarks 47,288 (1,888) 45,400 45,222 (1,517) 43,705 Developed technology 14,831 (6,297) 8,534 9,946 (5,933) 4,013 Customer relationships 113,041 (102,105) 10,936 113,413 (103,900) 9,513 Certifications 439 — 439 453 — 453 Contract-based 1,280 (157) 1,123 — — — Total $ 238,389 $ (142,227) $ 96,162 $ 235,703 $ (140,795) $ 94,908

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: December 31, 2022 March 31, 2022 Accrued employee compensation and related expenses $ 17,529 $ 16,235 Accrued interest 472 277 Customer prepayments 74 405 Warranty reserves 931 557 Professional fees 3,001 2,540 Sales taxes payable 2,633 2,758 Other (1) 3,594 4,199 Total accrued current liabilities $ 28,234 $ 26,971 (1) - Included in Other are accrued warranty-related costs of $1,996 and $2,523, respectively, associated with the operational execution of a US-LAM project that was completed previously.

Debt

Debt	9 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: December 31, 2022 March 31, 2022 Variable Rate Term Loan A due September 2026, net of deferred debt issuance costs of $486 and $640 as of December 31, 2022, and March 31, 2022, respectively $ 107,793 $ 128,360 Less current portion (10,219) (7,929) Total long-term debt $ 97,574 $ 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 In the second quarter of fiscal 2022, 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 December 31, 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 December 31, 2022, we had $24,500 in outstanding borrowings under the Revolving Credit Facility. We had $73,655 of available borrowing capacity thereunder after taking into account the borrowing base and $1,845 o f outstanding letters of credit and the outstanding borrowings under the Revolving Credit Facility as of December 31, 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 December 31, 2022 were 5.93% for the Canadian Term Loan Facility, 5.42% for the U.S. Term Loan Facility, and 5.63% 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	9 Months Ended
	Dec. 31, 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 December 31, 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	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2022 and 2021 is as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 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 $ 34,762 $ 24,988 $ 59,750 $ 19,695 $ 30,132 $ 49,827 Canada 32,725 10,446 43,171 25,358 5,696 31,054 Europe, Middle East and Africa 6,643 4,582 11,225 7,896 5,041 12,937 Asia-Pacific 4,268 3,696 7,964 4,654 2,141 6,795 Total revenues $ 78,398 $ 43,712 $ 122,110 $ 57,603 $ 43,010 $ 100,613 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 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 $ 82,627 $ 70,150 $ 152,777 $ 50,565 $ 52,360 $ 102,925 Canada 83,512 26,638 110,150 64,490 16,938 81,428 Europe, Middle East and Africa 17,811 12,993 30,804 21,218 23,148 44,366 Asia-Pacific 15,565 8,813 24,378 15,810 8,561 24,371 Total revenues $ 199,515 $ 118,594 $ 318,109 $ 152,083 $ 101,007 $ 253,090 Performance Obligations At December 31, 2022, revenues associated with our open performance obligations totaled $164,653. Within this amount, approximately $14,276 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 December 31, 2022 and March 31, 2022, contract assets were $16,597 and $19,626, respectively. There were no losses recognized on our contract assets for the nine months ended December 31, 2022 and 2021, except as described in Note 4, "Restructuring and Other Charges/(Income)." As of December 31, 2022 and March 31, 2022, contract liabilities were $9,780 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	9 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 29.1% and 32.2% for the nine months ended December 31, 2022 and 2021, respectively. In connection with the strategic assessment related to our Russian subsidiary, the Company released accrued withholding taxes on earning repatriations for a discrete tax benefit of $1,033 during the nine months ended December 31, 2022. We do not expect to generate further tax benefits in Russia. During the nine months ended December 31, 2021, the Company recorded discrete tax expenses of $301 related to withholding taxes in Canada and $430 related to an increase in withholding tax rate in our Russian subsidiary. As of December 31, 2022, we have established a long-term liability for uncertain tax positions in the amount of $943. As of December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Sales to External Customers: United States and Latin America $ 59,750 $ 49,827 $ 152,777 $ 102,925 Canada 43,171 31,054 110,150 81,428 Europe, Middle East and Africa 11,225 12,937 30,804 44,366 Asia-Pacific 7,964 6,795 24,378 24,371 $ 122,110 $ 100,613 $ 318,109 $ 253,090 Inter-Segment Sales: United States and Latin America $ 10,041 $ 8,588 $ 32,783 $ 29,424 Canada 5,386 2,616 12,042 7,555 Europe, Middle East and Africa 279 295 935 1,137 Asia-Pacific 749 313 1,561 930 $ 16,455 $ 11,812 $ 47,321 $ 39,046 Depreciation Expense: United States and Latin America $ 1,113 $ 1,396 $ 3,700 $ 4,331 Canada 1,096 1,245 3,396 3,967 Europe, Middle East and Africa 94 101 283 305 Asia-Pacific 35 43 106 133 $ 2,338 $ 2,785 $ 7,485 $ 8,736 Amortization Expense: United States and Latin America $ 588 $ 295 $ 1,587 $ 885 Canada 1,724 1,858 5,354 5,624 Europe, Middle East and Africa 21 23 62 71 Asia-Pacific 34 11 69 33 $ 2,367 $ 2,187 $ 7,072 $ 6,613 Income/(Loss) from Operations: United States and Latin America $ 8,338 $ 6,728 $ 26,055 $ 4,832 Canada 13,005 7,312 25,781 15,136 Europe, Middle East and Africa (5,963) 2,026 (7,526) 6,464 Asia-Pacific 1,142 683 2,888 3,107 Unallocated: Stock compensation (1,994) (275) (4,438) (2,698) Public company costs (466) (305) (1,446) (1,464) $ 14,062 $ 16,169 $ 41,314 $ 25,377 December 31, 2022 March 31, 2022 Property, Plant and Equipment, Net: United States and Latin America $ 30,325 $ 31,919 Canada 27,830 30,686 Europe, Middle East and Africa 2,312 2,796 Asia-Pacific 572 638 $ 61,039 $ 66,039 Total Assets: United States and Latin America $ 270,565 $ 241,421 Canada 286,847 296,459 Europe, Middle East and Africa 58,394 67,608 Asia-Pacific 34,289 31,181 $ 650,095 $ 636,669 Capital expenditures for our reportable segments were as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended Nine Months Ended Capital Expenditures: United States and Latin America $ 350 $ 171 $ 1,773 $ 811 Canada 1,042 566 3,042 1,833 Europe, Middle East and Africa 65 92 197 223 Asia-Pacific 102 36 161 53 $ 1,559 $ 865 $ 5,173 $ 2,920

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events As a result of the continued impact of the Russo-Ukrainian war, including sanctions related thereto, the Company conducted a strategic assessment of its operations in the Russian Federation, and, on January 31, 2023, the board of directors of the Company (the “Board”) authorized the Company to withdraw from its operations in the Russian Federation (the “Russia Exit”) through a planned disposition of its Russian subsidiary. Consequently, in addition to the loss described in Note 4, "Restructuring and Other Charges/(Income)," the Company could recognize an additional $4 million to $7 million of loss. We expect to complete the Russia Exit by the first quarter of our fiscal 2024, subject to the receipt of regulatory approval by the government of the Russian Federation and certain lenders under the Company's Facilities.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Dec. 31, 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 December 31, 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 nine months ended December 31, 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 with fiscal years 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)	9 Months Ended
	Dec. 31, 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. December 31, 2022 December 31, 2021 Cash and cash equivalents $ 35,363 $ 32,566 Restricted cash included in prepaid expenses and other current assets 5,813 2,496 Restricted cash included in other non-current assets 26 341 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 41,202 $ 35,403

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Sales $ 122,110 $ 107,443 $ 319,973 $ 265,350 Net Income/(loss) 8,425 12,623 25,588 13,438

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of long-term debt that is not measured at fair value	Information about our financial assets and liabilities is as follows: December 31, 2022 March 31, 2022 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Assets Deferred compensation plan assets $ 6,020 $ 6,020 $ 5,391 $ 5,391 Level 1 - Active Markets Foreign currency contract forwards assets 80 80 105 105 Level 2 - Market Approach Financial Liabilities Outstanding borrowings from revolving line of credit $ 24,500 $ 24,500 $ — $ — Level 1 - Active Markets Outstanding principal amount of senior secured credit facility 108,279 108,521 129,000 128,355 Level 2 - Market Approach Deferred compensation plan liabilities 5,416 5,416 4,837 4,837 Level 1 - Active Markets Foreign currency contract forwards liabilities 76 76 — — Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of December 31, 2022 and March 31, 2022, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2022 March 31, 2022 Euro $ 1,000 $ — Canadian Dollar — 4,000 South Korean Won — 2,250 Mexican Peso 1,500 — Australian Dollar — 1,000 Total notional amounts $ 2,500 $ 7,250

Restructuring and other charg_2

Restructuring and other charges (income) (Tables)	9 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Charge Financial statement impact Amount Increase in Current Expected Credit Loss, or "CECL," allowance for credit loss for certain accounts receivable Accounts receivable, net; Selling, general and administrative expenses $ 835 Increase in inventory reserves Inventories, net; Cost of sales 4,831 Contract asset adjustment Contract assets; Restructuring and other charges/(income) 327 Prepaid expenses and other current assets adjustment Prepaid expenses and other current assets, Income tax receivable; Restructuring and other charges/(income) 1,477 Impairment of Property, plant and equipment, net Property, plant and equipment, net; Restructuring and other charges/(income) 367 Impairment of Operating lease right-of-use assets Operating lease right-of-use assets; Restructuring and other charges/(income) 389 Impairment of Other non-current assets Deferred income taxes, Other non-current assets; Restructuring and other charges/(income) 108 $ 8,334 Restructuring and other charges/(income) by reportable segment were as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 United States and Latin America $ — $ — $ — $ (46) Canada — — — (186) Europe, Middle East and Africa (1) 2,668 — 2,668 (182) Asia-Pacific — — — — $ 2,668 $ — $ 2,668 $ (414)

Net Income_(Loss) per Common _2

Net Income/(Loss) per Common Share (Tables)	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2022 and 2021, respectively, are as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Basic net income/(loss) per common share Net income/(loss) $ 8,425 $ 11,270 $ 25,965 $ 11,407 Weighted-average common shares outstanding 33,493,540 33,340,000 33,457,048 33,292,614 Basic net income/(loss) per common share $ 0.25 $ 0.34 $ 0.78 $ 0.34 Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Diluted net income/(loss) per common share Net income/(loss) $ 8,425 $ 11,270 $ 25,965 $ 11,407 Weighted-average common shares outstanding 33,493,540 33,340,000 33,457,048 33,292,614 Common share equivalents: Stock options 7,858 271 2,545 1,660 Restricted and performance stock units 378,335 317,833 296,625 187,690 Weighted average shares outstanding – dilutive (1) 33,879,733 33,658,104 33,756,218 33,481,964 Diluted net income/(loss) per common share $ 0.25 $ 0.33 $ 0.77 $ 0.34

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: December 31, 2022 March 31, 2022 Raw materials $ 60,605 $ 41,389 Work in process 5,483 6,294 Finished goods 32,601 25,802 98,689 73,485 Valuation reserves (7,271) (1,835) Inventories, net $ 91,418 $ 71,650

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill	The carrying amount of goodwill by operating segment as of December 31, 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 — (9,465) (714) — (10,179) Balance as of December 31, 2022 $ 81,345 $ 112,853 $ 18,373 $ 8,624 $ 221,195 (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 December 31, 2022 Accumulated Amortization Net Carrying Amount at December 31, 2022 Gross Carrying Amount at March 31, 2022 Accumulated Amortization Net Carrying Amount at March 31, 2022 Products $ 61,510 $ (31,780) $ 29,730 $ 66,669 $ (29,445) $ 37,224 Trademarks 47,288 (1,888) 45,400 45,222 (1,517) 43,705 Developed technology 14,831 (6,297) 8,534 9,946 (5,933) 4,013 Customer relationships 113,041 (102,105) 10,936 113,413 (103,900) 9,513 Certifications 439 — 439 453 — 453 Contract-based 1,280 (157) 1,123 — — — Total $ 238,389 $ (142,227) $ 96,162 $ 235,703 $ (140,795) $ 94,908

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	Accrued current liabilities consisted of the following: December 31, 2022 March 31, 2022 Accrued employee compensation and related expenses $ 17,529 $ 16,235 Accrued interest 472 277 Customer prepayments 74 405 Warranty reserves 931 557 Professional fees 3,001 2,540 Sales taxes payable 2,633 2,758 Other (1) 3,594 4,199 Total accrued current liabilities $ 28,234 $ 26,971 (1) - Included in Other are accrued warranty-related costs of $1,996 and $2,523, respectively, associated with the operational execution of a US-LAM project that was completed previously.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: December 31, 2022 March 31, 2022 Variable Rate Term Loan A due September 2026, net of deferred debt issuance costs of $486 and $640 as of December 31, 2022, and March 31, 2022, respectively $ 107,793 $ 128,360 Less current portion (10,219) (7,929) Total long-term debt $ 97,574 $ 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)	9 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	Disaggregation of revenues from contracts with customers for the three and nine months ended December 31, 2022 and 2021 is as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 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 $ 34,762 $ 24,988 $ 59,750 $ 19,695 $ 30,132 $ 49,827 Canada 32,725 10,446 43,171 25,358 5,696 31,054 Europe, Middle East and Africa 6,643 4,582 11,225 7,896 5,041 12,937 Asia-Pacific 4,268 3,696 7,964 4,654 2,141 6,795 Total revenues $ 78,398 $ 43,712 $ 122,110 $ 57,603 $ 43,010 $ 100,613 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 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 $ 82,627 $ 70,150 $ 152,777 $ 50,565 $ 52,360 $ 102,925 Canada 83,512 26,638 110,150 64,490 16,938 81,428 Europe, Middle East and Africa 17,811 12,993 30,804 21,218 23,148 44,366 Asia-Pacific 15,565 8,813 24,378 15,810 8,561 24,371 Total revenues $ 199,515 $ 118,594 $ 318,109 $ 152,083 $ 101,007 $ 253,090

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended December 31, 2022 Nine Months Ended December 31, 2021 Sales to External Customers: United States and Latin America $ 59,750 $ 49,827 $ 152,777 $ 102,925 Canada 43,171 31,054 110,150 81,428 Europe, Middle East and Africa 11,225 12,937 30,804 44,366 Asia-Pacific 7,964 6,795 24,378 24,371 $ 122,110 $ 100,613 $ 318,109 $ 253,090 Inter-Segment Sales: United States and Latin America $ 10,041 $ 8,588 $ 32,783 $ 29,424 Canada 5,386 2,616 12,042 7,555 Europe, Middle East and Africa 279 295 935 1,137 Asia-Pacific 749 313 1,561 930 $ 16,455 $ 11,812 $ 47,321 $ 39,046 Depreciation Expense: United States and Latin America $ 1,113 $ 1,396 $ 3,700 $ 4,331 Canada 1,096 1,245 3,396 3,967 Europe, Middle East and Africa 94 101 283 305 Asia-Pacific 35 43 106 133 $ 2,338 $ 2,785 $ 7,485 $ 8,736 Amortization Expense: United States and Latin America $ 588 $ 295 $ 1,587 $ 885 Canada 1,724 1,858 5,354 5,624 Europe, Middle East and Africa 21 23 62 71 Asia-Pacific 34 11 69 33 $ 2,367 $ 2,187 $ 7,072 $ 6,613 Income/(Loss) from Operations: United States and Latin America $ 8,338 $ 6,728 $ 26,055 $ 4,832 Canada 13,005 7,312 25,781 15,136 Europe, Middle East and Africa (5,963) 2,026 (7,526) 6,464 Asia-Pacific 1,142 683 2,888 3,107 Unallocated: Stock compensation (1,994) (275) (4,438) (2,698) Public company costs (466) (305) (1,446) (1,464) $ 14,062 $ 16,169 $ 41,314 $ 25,377 December 31, 2022 March 31, 2022 Property, Plant and Equipment, Net: United States and Latin America $ 30,325 $ 31,919 Canada 27,830 30,686 Europe, Middle East and Africa 2,312 2,796 Asia-Pacific 572 638 $ 61,039 $ 66,039 Total Assets: United States and Latin America $ 270,565 $ 241,421 Canada 286,847 296,459 Europe, Middle East and Africa 58,394 67,608 Asia-Pacific 34,289 31,181 $ 650,095 $ 636,669
Capital expenditures by geographic area	Capital expenditures for our reportable segments were as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Nine Months Ended Nine Months Ended Capital Expenditures: United States and Latin America $ 350 $ 171 $ 1,773 $ 811 Canada 1,042 566 3,042 1,833 Europe, Middle East and Africa 65 92 197 223 Asia-Pacific 102 36 161 53 $ 1,559 $ 865 $ 5,173 $ 2,920

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policy Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 35,363	$ 32,566	$ 35,363	$ 32,566	$ 41,445
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	41,202	35,403	41,202	35,403	$ 43,931	$ 42,450
Russia
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash	3,084		3,084
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	5,813	2,496	5,813	2,496
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	26	341	26	341
COVID-19 | Cost of Sales
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments to Income Statement	$ 199		$ 1,448
COVID-19 | Marketing, general and administrative and engineering
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments to Income Statement		$ 4		$ 504

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	4 Months Ended
	May 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Increase to net working capital		$ 299
Powerblanket
Business Acquisition [Line Items]
Revenues			$ 7,881	$ 11,848
Net income			2,000	$ 1,302
Payments to acquire business	$ 35,000
Transaction costs			126
Acquisition and other related costs			286
Powerblanket | Marketing, general and administrative and engineering
Business Acquisition [Line Items]
Transaction costs			$ 278

Acquisition - Purchase Price (D

Acquisition - Purchase Price (Details) - USD ($) $ in Thousands	May 31, 2022	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 221,195	$ 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		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Sales	$ 122,110	$ 107,443	$ 319,973	$ 265,350
Net Income/(loss)	$ 8,425	$ 12,623	$ 25,588	$ 13,438

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Financial Assets
Deferred compensation plan assets	$ 6,020	$ 5,391
Financial Liabilities
Deferred compensation plan liabilities	5,416	4,837
Foreign currency contract forwards liabilities	76	0
Foreign Exchange Forward Contracts
Financial Assets
Foreign currency contract forwards assets	80	105
Outstanding borrowings from revolving line of credit
Financial Liabilities
Long-term debt, Carrying Value	24,500	0
Level 1 - Active Markets
Financial Assets
Deferred compensation plan assets	6,020	5,391
Level 1 - Active Markets | Foreign Exchange Forward Contracts
Financial Assets
Foreign currency contract forwards assets	80	105
Level 2 - Market Approach
Financial Liabilities
Deferred compensation plan liabilities	5,416	4,837
Foreign currency contract forwards liabilities	76	0
Level 2 - Market Approach | Outstanding borrowings from revolving line of credit
Financial Liabilities
Long-term debt, Fair Value	24,500	0
Loans Payable
Financial Liabilities
Long-term debt, Carrying Value	108,279	129,000
Loans Payable | Level 2 - Market Approach
Financial Liabilities
Long-term debt, Fair Value	$ 108,521	$ 128,355

Fair Value Measurements (Deferr

Fair Value Measurements (Deferred compensation plan) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Deferred compensation plan assets	$ 6,020		$ 6,020		$ 5,391
Deferred compensation plan liabilities	5,416		5,416		$ 4,837
Deferred compensation plan expense/(income)	464	$ 292	(499)	$ 610
Unrealized gain (loss) on investments	$ (484)	$ (314)	$ 450	$ (620)
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	Dec. 31, 2022	Mar. 31, 2022
Derivative [Line Items]
Notional amount	$ 2,500	$ 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	0	2,250
Mexican Peso
Derivative [Line Items]
Notional amount	1,500	0
Australian Dollar
Derivative [Line Items]
Notional amount	$ 0	$ 1,000

Fair Value Measurements - For_2

Fair Value Measurements - Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transaction gains (losses) denominated in foreign currencies	$ (193)	$ (949)	$ 140	$ (1,634)
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency gain (loss)	$ (102)	$ 637	$ (510)	$ (861)

Restructuring and other charg_3

Restructuring and other charges (income) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,668	$ 0	$ 2,668	$ (414)
Canada
Restructuring Cost and Reserve [Line Items]
Cost of sales			241
Thermon South Africa Proprieary Limited
Restructuring Cost and Reserve [Line Items]
Cash recipts					$ (311)
Russia
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8,334
Cash	$ 3,084		$ 3,084
Canada
Restructuring Cost and Reserve [Line Items]
Severance costs					$ (103)

Restructuring and other charg_4

Restructuring and other charges (income) - Russia Operations Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,668	$ 0	$ 2,668	$ (414)
Russia
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8,334
Russia | Accounts Receivable
Restructuring Cost and Reserve [Line Items]
Restructuring charges	835
Russia | Inventories
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,831
Russia | Contract Assets
Restructuring Cost and Reserve [Line Items]
Restructuring charges	327
Russia | Prepaid Expenses and Other Current Assets
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,477
Russia | Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	367
Russia | Operating Lease Right-of-Use Assets
Restructuring Cost and Reserve [Line Items]
Restructuring charges	389
Russia | Other Noncurrent Assets
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 108

Restructuring and other charg_5

Restructuring and other charges (income) - Restructuring Costs by Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,668	$ 0	$ 2,668	$ (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(1)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,668	0	2,668	(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						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Basic net income (loss) per common share
Net income/(loss)	$ 8,425	$ 10,984	$ 6,556	$ 11,270	$ 477	$ (340)	$ 25,965	$ 11,407
Weighted-average common shares outstanding (in shares)	33,493,540			33,340,000			33,457,048	33,292,614
Basic net income (loss) per common share (in dollars per share)	$ 0.25			$ 0.34			$ 0.78	$ 0.34
Diluted net income (loss) per common share
Net income/(loss)	$ 8,425	$ 10,984	$ 6,556	$ 11,270	$ 477	$ (340)	$ 25,965	$ 11,407
Weighted-average common shares outstanding (in shares)	33,493,540			33,340,000			33,457,048	33,292,614
Diluted (in shares)	33,879,733			33,658,104			33,756,218	33,481,964
Diluted net income (loss) per common share (in dollars per share)	$ 0.25			$ 0.33			$ 0.77	$ 0.34
Antidilutive securities excluded from computation of earnings per share (in shares)	28,499			45,099			39,517	139,843
Equity Option
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	7,858			271			2,545	1,660
Restricted Stock Units
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	378,335			317,833			296,625	187,690

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 60,605	$ 41,389
Work in process	5,483	6,294
Finished goods	32,601	25,802
Inventories, gross	98,689	73,485
Valuation reserves	(7,271)	(1,835)
Inventories, net	$ 91,418	$ 71,650

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill
Balance at the beginning of the period	$ 212,754
Balance at the end of the period	221,195
Operating Segments
Goodwill
Balance at the beginning of the period	212,754
Goodwill acquired	18,620
Foreign currency translation impact	(10,179)
Balance at the end of the period	221,195
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	(9,465)
Balance at the end of the period	112,853
Operating Segments | Europe, Middle East and Africa
Goodwill
Balance at the beginning of the period	19,087
Goodwill acquired	0
Foreign currency translation impact	(714)
Balance at the end of the period	18,373
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 - Narrative (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 756

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (142,227)	$ (140,795)
Intangible assets, gross	238,389	235,703
Intangible assets, net	96,162	94,908
Certifications
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	439	453
Products
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	61,510	66,669
Finite-lived intangible assets, accumulated amortization	(31,780)	(29,445)
Finite-lived intangible assets, net carrying amount	29,730	37,224
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	47,288	45,222
Finite-lived intangible assets, accumulated amortization	(1,888)	(1,517)
Finite-lived intangible assets, net carrying amount	45,400	43,705
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	14,831	9,946
Finite-lived intangible assets, accumulated amortization	(6,297)	(5,933)
Finite-lived intangible assets, net carrying amount	8,534	4,013
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	113,041	113,413
Finite-lived intangible assets, accumulated amortization	(102,105)	(103,900)
Finite-lived intangible assets, net carrying amount	10,936	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	(157)	0
Finite-lived intangible assets, net carrying amount	$ 1,123	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 17,529	$ 16,235
Accrued interest	472	277
Customer prepayments	74	405
Warranty reserves	931	557
Professional fees	3,001	2,540
Sales taxes payable	2,633	2,758
Other	3,594	4,199
Total accrued current liabilities	28,234	26,971
Accrued warranty costs	$ 1,996	$ 2,523

Debt (Details)

Debt (Details) $ in Thousands, $ in Thousands		3 Months Ended	9 Months Ended
	Sep. 29, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Sep. 29, 2021 CAD ($)
Debt Instrument [Line Items]
Less current portion		$ (10,219)	$ (10,219)		$ (7,929)
Long-term debt, net		$ 97,574	97,574		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		$ 1,845	$ 1,845
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		$ 24,500	$ 24,500
Line of credit facility, accordian feature	$ 100,000
Line of credit facility, commitment fee percentage	0.25%
Capacity available under credit facility		$ 73,655	$ 73,655
Variable term loan, interest rate		5.63%	5.63%
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		$ 107,793	$ 107,793		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		5.42%	5.42%
Canadian Term Loan Facility
Debt Instrument [Line Items]
Variable term loan, interest rate		5.93%	5.93%
Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs		$ 1,265	$ 1,265
Loss on extinguishment of debt		$ 2,569

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 29,742
Guarantee obligations secured by cash deposits	1,259
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	1,845
Indian custom bonds outstanding	$ 4,383

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 122,110	$ 100,613	$ 318,109	$ 253,090
Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	78,398	57,603	199,515	152,083
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	43,712	43,010	118,594	101,007
United States and Latin America
Disaggregation of Revenue [Line Items]
Total revenues	59,750	49,827	152,777	102,925
United States and Latin America | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	34,762	19,695	82,627	50,565
United States and Latin America | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	24,988	30,132	70,150	52,360
Canada
Disaggregation of Revenue [Line Items]
Total revenues	43,171	31,054	110,150	81,428
Canada | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	32,725	25,358	83,512	64,490
Canada | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	10,446	5,696	26,638	16,938
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenues	11,225	12,937	30,804	44,366
Europe, Middle East and Africa | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,643	7,896	17,811	21,218
Europe, Middle East and Africa | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	4,582	5,041	12,993	23,148
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	7,964	6,795	24,378	24,371
Asia-Pacific | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	4,268	4,654	15,565	15,810
Asia-Pacific | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,696	$ 2,141	$ 8,813	$ 8,561

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 164,653
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	$ 14,276
Remaining performance obligation, period	1 year

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 16,597	$ 19,626
Contract liabilities	$ 9,780	$ 8,010

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate	29.10%	32.20%
Discrete tax expense			$ 1,033
Liability for uncertain tax positions	$ 943		$ 943
Canada
Income Tax Contingency [Line Items]
Discrete tax expense				$ 301
Russia
Income Tax Contingency [Line Items]
Discrete tax expense	$ 430

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Sales by geographic area:
Sales	$ 122,110	$ 100,613	$ 318,109	$ 253,090
Depreciation	2,338	2,785	7,485	8,736
Amortization of intangible assets	2,367	2,187	7,072	6,613
Operating income
Operating income (loss)	14,062	16,169	41,314	25,377
Property, Plant and Equipment, Net:	61,039		61,039		$ 66,039
Total Assets:	650,095		650,095		636,669
Operating Segments
Sales by geographic area:
Sales	122,110	100,613	318,109	253,090
Intersegment Eliminations
Sales by geographic area:
Sales	16,455	11,812	47,321	39,046
Segment Reconciling Items
Operating income
Stock compensation	(1,994)	(275)	(4,438)	(2,698)
Public company costs	(466)	(305)	(1,446)	(1,464)
United States and Latin America
Sales by geographic area:
Depreciation	1,113	1,396	3,700	4,331
Amortization of intangible assets	588	295	1,587	885
Operating income
Operating income (loss)	8,338	6,728	26,055	4,832
Property, Plant and Equipment, Net:	30,325		30,325		31,919
Total Assets:	270,565		270,565		241,421
United States and Latin America | Operating Segments
Sales by geographic area:
Sales	59,750	49,827	152,777	102,925
United States and Latin America | Intersegment Eliminations
Sales by geographic area:
Sales	10,041	8,588	32,783	29,424
Canada
Sales by geographic area:
Depreciation	1,096	1,245	3,396	3,967
Amortization of intangible assets	1,724	1,858	5,354	5,624
Operating income
Operating income (loss)	13,005	7,312	25,781	15,136
Property, Plant and Equipment, Net:	27,830		27,830		30,686
Total Assets:	286,847		286,847		296,459
Canada | Operating Segments
Sales by geographic area:
Sales	43,171	31,054	110,150	81,428
Canada | Intersegment Eliminations
Sales by geographic area:
Sales	5,386	2,616	12,042	7,555
Europe, Middle East and Africa
Sales by geographic area:
Depreciation	94	101	283	305
Amortization of intangible assets	21	23	62	71
Operating income
Operating income (loss)	(5,963)	2,026	(7,526)	6,464
Property, Plant and Equipment, Net:	2,312		2,312		2,796
Total Assets:	58,394		58,394		67,608
Europe, Middle East and Africa | Operating Segments
Sales by geographic area:
Sales	11,225	12,937	30,804	44,366
Europe, Middle East and Africa | Intersegment Eliminations
Sales by geographic area:
Sales	279	295	935	1,137
Asia-Pacific
Sales by geographic area:
Depreciation	35	43	106	133
Amortization of intangible assets	34	11	69	33
Operating income
Operating income (loss)	1,142	683	2,888	3,107
Property, Plant and Equipment, Net:	572		572		638
Total Assets:	34,289		34,289		$ 31,181
Asia-Pacific | Operating Segments
Sales by geographic area:
Sales	7,964	6,795	24,378	24,371
Asia-Pacific | Intersegment Eliminations
Sales by geographic area:
Sales	$ 749	$ 313	$ 1,561	$ 930

Segment Information - Capital E

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,559	$ 865	$ 5,173	$ 2,920
United States and Latin America
Segment Reporting Information [Line Items]
Capital expenditures	350	171	1,773	811
Canada
Segment Reporting Information [Line Items]
Capital expenditures	1,042	566	3,042	1,833
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Capital expenditures	65	92	197	223
Asia-Pacific
Segment Reporting Information [Line Items]
Capital expenditures	$ 102	$ 36	$ 161	$ 53

Subsequent Events (Details)

Subsequent Events (Details) - Scenario, Forecast $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Minimum
Subsequent Event [Line Items]
Loss contingency expected	$ 4
Maximum
Subsequent Event [Line Items]
Loss contingency expected	$ 7