Motorcar Parts of America (MPAA) 10-Q 9 Feb 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2023	Feb. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-33861
Entity Registrant Name	MOTORCAR PARTS OF AMERICA INC
Entity Central Index Key	0000918251
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-2153962
Entity Address, Address Line One	2929 California Street
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90503
City Area Code	310
Local Phone Number	212-7910
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MPAA
Security Exchange Name	NASDAQ
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		19,662,380

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 12,155,000	$ 11,596,000
Short-term investments	2,206,000	2,011,000
Accounts receivable - net	93,008,000	119,868,000
Inventory	393,777,000	356,254,000
Contract assets	25,236,000	25,443,000
Prepaid expenses and other current assets	17,978,000	22,306,000
Total current assets	544,360,000	537,478,000
Plant and equipment - net	39,644,000	46,052,000
Operating lease assets	85,187,000	87,619,000
Long-term deferred income taxes	2,447,000	32,625,000
Long-term contract assets	318,323,000	318,381,000
Goodwill and intangible assets - net	4,461,000	5,348,000
Other assets	1,511,000	1,062,000
TOTAL ASSETS	995,933,000	1,028,565,000
Current liabilities:
Accounts payable and accrued liabilities	178,881,000	141,766,000
Customer finished goods returns accrual	37,883,000	37,984,000
Contract liabilities	43,848,000	40,340,000
Revolving loan	115,000,000	145,200,000
Other current liabilities	5,369,000	4,871,000
Operating lease liabilities	8,564,000	8,767,000
Current portion of term loan	0	3,664,000
Total current liabilities	389,545,000	382,592,000
Term loan, less current portion	0	9,279,000
Convertible notes, related party	$ 33,226,000	$ 30,994,000
Notes Payable, Noncurrent, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Long-term contract liabilities	$ 206,590,000	$ 193,606,000
Long-term deferred income taxes	74,000	718,000
Long-term operating lease liabilities	73,725,000	79,318,000
Other liabilities	11,021,000	11,583,000
Total liabilities	714,181,000	708,090,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,662,380 and 19,494,615 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively	197,000	195,000
Additional paid-in capital	235,823,000	231,836,000
Retained earnings	38,165,000	88,747,000
Accumulated other comprehensive income (loss)	7,567,000	(303,000)
Total shareholders' equity	281,752,000	320,475,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	995,933,000	1,028,565,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Mar. 31, 2023
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	19,662,380	19,494,615
Common stock, outstanding (in shares)	19,662,380	19,494,615
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000	20,000
Preferred stock, issued (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 171,862,000	$ 151,819,000	$ 528,206,000	$ 488,347,000
Cost of goods sold	141,819,000	130,826,000	430,448,000	410,536,000
Gross profit	30,043,000	20,993,000	97,758,000	77,811,000
Operating expenses:
General and administrative	15,198,000	13,599,000	42,125,000	42,079,000
Sales and marketing	5,931,000	5,634,000	17,038,000	17,242,000
Research and development	2,539,000	2,547,000	7,352,000	8,330,000
Foreign exchange impact of lease liabilities and forward contracts	(3,149,000)	(4,313,000)	(2,659,000)	(2,553,000)
Total operating expenses	20,519,000	17,467,000	63,856,000	65,098,000
Operating income	9,524,000	3,526,000	33,902,000	12,713,000
Other expenses:
Interest expense, net	18,297,000	11,471,000	45,400,000	27,675,000
Change in fair value of compound net derivative liability	1,160,000	0	1,690,000	0
Loss on extinguishment of debt	0	0	168,000	0
Total other expenses	19,457,000	11,471,000	47,258,000	27,675,000
Loss before income tax expense (benefit)	(9,933,000)	(7,945,000)	(13,356,000)	(14,962,000)
Income tax expense (benefit)	37,281,000	(8,971,000)	37,226,000	(9,296,000)
Net (loss) income	$ (47,214,000)	$ 1,026,000	$ (50,582,000)	$ (5,666,000)
Basic net (loss) income per share (in dollars per share)	$ (2.4)	$ 0.05	$ (2.58)	$ (0.29)
Diluted net (loss) income per share (in dollars per share)	$ (2.4)	$ 0.05	$ (2.58)	$ (0.29)
Weighted average number of shares outstanding:
Basic (in shares)	19,634,306	19,474,871	19,580,960	19,383,531
Diluted (in shares)	19,634,306	19,634,153	19,580,960	19,383,531

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net (loss) income	$ (47,214,000)	$ 1,026,000	$ (50,582,000)	$ (5,666,000)
Other comprehensive income, net of tax:
Foreign currency translation gain	2,405,000	2,123,000	7,870,000	1,942,000
Total other comprehensive income, net of tax	2,405,000	2,123,000	7,870,000	1,942,000
Comprehensive (loss) income	$ (44,809,000)	$ 3,149,000	$ (42,712,000)	$ (3,724,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Mar. 31, 2022	$ 191,000	$ 227,184,000	$ 92,954,000	$ (5,066,000)	$ 315,263,000
Beginning balance (in shares) at Mar. 31, 2022	19,104,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,249,000	0	0	1,249,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	191,000	0	0	191,000
Exercise of stock options, net of shares withheld for employee taxes (in shares)	25,543
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(895,000)	0	0	(894,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	84,684
Foreign currency translation	$ 0	0	0	(868,000)	(868,000)
Net (loss) income	0	0	(175,000)	0	(175,000)
Ending balance at Jun. 30, 2022	$ 192,000	227,729,000	92,779,000	(5,934,000)	314,766,000
Ending balance (in shares) at Jun. 30, 2022	19,214,978
Beginning balance at Mar. 31, 2022	$ 191,000	227,184,000	92,954,000	(5,066,000)	315,263,000
Beginning balance (in shares) at Mar. 31, 2022	19,104,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation					1,942,000
Net (loss) income					(5,666,000)
Ending balance at Dec. 31, 2022	$ 195,000	230,630,000	87,288,000	(3,124,000)	314,989,000
Ending balance (in shares) at Dec. 31, 2022	19,490,859
Beginning balance at Jun. 30, 2022	$ 192,000	227,729,000	92,779,000	(5,934,000)	314,766,000
Beginning balance (in shares) at Jun. 30, 2022	19,214,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,251,000	0	0	1,251,000
Exercise of stock options, net of shares withheld for employee taxes	$ 2,000	584,000	0	0	586,000
Exercise of stock options, net of shares withheld for employee taxes (in shares)	193,378
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	(75,000)	0	0	(75,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	14,792
Foreign currency translation	$ 0	0	0	687,000	687,000
Net (loss) income	0	0	(6,517,000)	0	(6,517,000)
Ending balance at Sep. 30, 2022	$ 194,000	229,489,000	86,262,000	(5,247,000)	310,698,000
Ending balance (in shares) at Sep. 30, 2022	19,423,148
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,021,000	0	0	1,021,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	121,000	0	0	121,000
Exercise of stock options, net of shares withheld for employee taxes (in shares)	14,058
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(1,000)	0	0	0
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	53,653
Foreign currency translation	$ 0	0	0	2,123,000	2,123,000
Net (loss) income	0	0	1,026,000	0	1,026,000
Ending balance at Dec. 31, 2022	$ 195,000	230,630,000	87,288,000	(3,124,000)	314,989,000
Ending balance (in shares) at Dec. 31, 2022	19,490,859
Beginning balance at Mar. 31, 2023	$ 195,000	231,836,000	88,747,000	(303,000)	$ 320,475,000
Beginning balance (in shares) at Mar. 31, 2023	19,494,615				19,494,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,310,000	0	0	$ 1,310,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(280,000)	0	0	(279,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	104,530
Foreign currency translation	$ 0	0	0	3,343,000	3,343,000
Net (loss) income	0	0	(1,410,000)	0	(1,410,000)
Ending balance at Jun. 30, 2023	$ 196,000	232,866,000	87,337,000	3,040,000	323,439,000
Ending balance (in shares) at Jun. 30, 2023	19,599,145
Beginning balance at Mar. 31, 2023	$ 195,000	231,836,000	88,747,000	(303,000)	$ 320,475,000
Beginning balance (in shares) at Mar. 31, 2023	19,494,615				19,494,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation					$ 7,870,000
Net (loss) income					(50,582,000)
Ending balance at Dec. 31, 2023	$ 197,000	235,823,000	38,165,000	7,567,000	$ 281,752,000
Ending balance (in shares) at Dec. 31, 2023	19,662,380				19,662,380
Beginning balance at Jun. 30, 2023	$ 196,000	232,866,000	87,337,000	3,040,000	$ 323,439,000
Beginning balance (in shares) at Jun. 30, 2023	19,599,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,533,000	0	0	1,533,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	0	0	0	0
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	50
Foreign currency translation	$ 0	0	0	2,122,000	2,122,000
Net (loss) income	0	0	(1,958,000)	0	(1,958,000)
Ending balance at Sep. 30, 2023	$ 196,000	234,399,000	85,379,000	5,162,000	325,136,000
Ending balance (in shares) at Sep. 30, 2023	19,599,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,425,000	0	0	1,425,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(1,000)	0	0	0
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	63,185
Foreign currency translation	$ 0	0	0	2,405,000	2,405,000
Net (loss) income	0	0	(47,214,000)	0	(47,214,000)
Ending balance at Dec. 31, 2023	$ 197,000	$ 235,823,000	$ 38,165,000	$ 7,567,000	$ 281,752,000
Ending balance (in shares) at Dec. 31, 2023	19,662,380				19,662,380

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (50,582,000)	$ (5,666,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,844,000	9,322,000
Amortization of interest and loss on extinguishment of debt	2,528,000	1,131,000
Accrued interest on convertible notes, related party	2,400,000	0
Amortization of core premiums paid to customers	7,627,000	8,670,000
Amortization of finished goods premiums paid to customers	575,000	513,000
Noncash lease expense	7,614,000	5,955,000
Foreign exchange impact of lease liabilities and forward contracts	(2,659,000)	(2,553,000)
Change in fair value of compound net derivative liability	1,690,000	0
(Gain) loss on short-term investments	(237,000)	281,000
Net provision for inventory reserves	9,637,000	14,248,000
Net provision for customer payment discrepancies and credit losses	1,112,000	1,250,000
Deferred income taxes	29,721,000	212,000
Share-based compensation expense	4,268,000	3,521,000
Loss on disposal of plant and equipment	9,000	17,000
Changes in operating assets and liabilities:
Accounts receivable	26,272,000	7,560,000
Inventory	(46,558,000)	(20,888,000)
Prepaid expenses and other current assets	5,316,000	(12,696,000)
Other assets	(392,000)	314,000
Accounts payable and accrued liabilities	38,734,000	(19,518,000)
Customer finished goods returns accrual	(190,000)	(5,054,000)
Contract assets	(7,639,000)	(14,486,000)
Contract liabilities	15,561,000	14,700,000
Operating lease liabilities	(6,368,000)	(5,135,000)
Other liabilities	1,162,000	(3,126,000)
Net cash provided by (used in) operating activities	48,445,000	(21,428,000)
Cash flows from investing activities:
Purchase of plant and equipment	(462,000)	(3,607,000)
Purchase of short-term investments	42,000	(248,000)
Net cash used in investing activities	(420,000)	(3,855,000)
Cash flows from financing activities:
Borrowings under revolving loan	64,005,000	58,000,000
Repayments of revolving loan	(94,205,000)	(38,000,000)
Repayments of term loan	(13,125,000)	(2,813,000)
Payments for debt issuance costs	(2,617,000)	(376,000)
Payments on finance lease obligations	(1,425,000)	(1,842,000)
Exercise of stock options, net of cash used to pay employee taxes	0	898,000
Cash used to net share settle equity awards	(279,000)	(969,000)
Net cash (used in) provided by financing activities	(47,646,000)	14,898,000
Effect of exchange rate changes on cash and cash equivalents	180,000	(52,000)
Net increase (decrease) in cash and cash equivalents	559,000	(10,437,000)
Cash and cash equivalents - Beginning of period	11,596,000	23,016,000
Cash and cash equivalents - End of period	12,155,000	12,579,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	40,826,000	26,425,000
Cash paid for income taxes, net of refunds	8,143,000	13,135,000
Cash paid for operating leases	10,025,000	8,760,000
Cash paid for finance leases	1,595,000	2,042,000
Plant and equipment acquired under finance leases	33,000	609,000
Assets acquired under operating leases	879,000	7,530,000
Non-cash capital expenditures	71,000	77,000
Debt issuance costs included in accounts payable and accrued liabilities	$ 1,340,000	$ 0

Company Background and Organiza

Company Background and Organization	9 Months Ended
	Dec. 31, 2023
Company Background and Organization [Abstract]
Company Background and Organization	1. Company Background and Organization Motorcar Parts of America, Inc. and its subsidiaries (the “Company”, or “MPA”) is a leading supplier of automotive aftermarket non-discretionary replacement parts, and test solutions and diagnostic equipment. These replacement parts are primarily sold to automotive retail chain stores and warehouse distributors throughout North America and to major automobile manufacturers for both their aftermarket programs and warranty replacement programs (“OES”). The Company’s test solutions and diagnostic equipment primarily serves the global automotive component and powertrain testing market. The Company’s products include (i) light duty and heavy duty rotating electrical products such as alternators and starters, (ii) wheel hub assemblies and bearings, (iii) brake-related products, which include brake calipers, brake boosters, brake rotors, brake pads, brake shoes, and brake master cylinders, and (iv) other products, which include (a) turbochargers and (b) test solutions and diagnostic equipment including: (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) equipment for the pre- and post-production of electric vehicles, and (iii) software emulation of power system applications for the electrification of all forms of transportation (including automobiles, trucks, the emerging electrification of systems within the aerospace industry, and electric vehicle charging stations).

Basis of Presentation and New A

Basis of Presentation and New Accounting Pronouncements	9 Months Ended
	Dec. 31, 2023
Basis of Presentation and New Accounting Pronouncements [Abstract]
Basis of Presentation and New Accounting Pronouncements	2. Basis of Presentation and New Accounting Pronouncements Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December The accompanying condensed consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to, except as noted below, the accounting policies described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Recently Adopted Accounting Pronouncements Supplier Finance Programs Liabilities—Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations During the three months ended December 31, 2023, the Company launched a supplier finance program as part of its ongoing efforts to improve cash flow and liquidity. This program allows certain of the Company’s suppliers to sell their receivables due from the Company to a participating financial institution at the sole discretion of both the supplier and the financial institution. The program is administered by a third party. The Company has no economic interest in the sale of these receivables and no direct relationship with the financial institution. Payments to the third-party administrator are based on services rendered and are not related to the volume or number of financing agreements between suppliers, financial institution, and the third-party administrator. The Company is not a party to agreements negotiated between participating suppliers and the financial institution. The Company’s obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier’s decision to participate in this program. The Company does not provide guarantees and there are no assets pledged to the financial institution or the third-party administrator for the committed payment in connection with this program. Any amounts confirmed as outstanding supplier invoices are included within accounts payable on the condensed consolidated balance sheets. As of December 31, 2023, the Company had no outstanding supplier obligations confirmed under this program. Accounting Pronouncements Not Yet Adopted Disclosure Improvements Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative Reportable Segment Disclosures Improvements to Reportable Segment Disclosures (Topic 280) Improvements to Income Tax Disclosures Improvements to Income Tax Disclosures (Topic 740)

Accounts Receivable - Net

Accounts Receivable - Net	9 Months Ended
	Dec. 31, 2023
Accounts Receivable - Net [Abstract]
Accounts Receivable - Net	3. Accounts Receivable — Net The Company has trade accounts receivable that result from the sale of goods and services. Accounts receivable — net includes offset accounts related to allowances for credit losses, customer payment discrepancies, and returned goods authorizations (“RGAs”) issued for in-transit unit returns. The Company uses accounts receivable discount programs with certain customers and their respective banks (see Note 10). Accounts receivable — net is comprised of the following: December 31, 2023 March 31, 2023 Accounts receivable — trade $ 109,804,000 $ 136,076,000 Allowance for credit losses (189,000 ) (339,000 ) Customer payment discrepancies (1,360,000 ) (1,634,000 ) Customer returns RGA issued (15,247,000 ) (14,235,000 ) Total accounts receivable — net $ 93,008,000 $ 119,868,000

Inventory

Inventory	9 Months Ended
	Dec. 31, 2023
Inventory [Abstract]
Inventory	4. Inventory Inventory is comprised of the following: December 31, 2023 March 31, 2023 Inventory Raw materials $ 167,612,000 $ 147,880,000 Work-in-process 9,872,000 7,033,000 Finished goods 213,239,000 201,198,000 390,723,000 356,111,000 Less allowance for excess and obsolete inventory (16,429,000 ) (16,436,000 ) Inventory — net 374,294,000 339,675,000 Inventory unreturned 19,483,000 16,579,000 Total inventory $ 393,777,000 $ 356,254,000

Contract Assets

Contract Assets	9 Months Ended
	Dec. 31, 2023
Contract Assets [Abstract]
Contract Assets	5. Contract Assets During the three months ended December 31, 2023 and 2022, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $1,607,000 and $863,000, respectively. During the nine months ended December 31, 2023 and 2022, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $4,380,000 and $2,704,000, respectively. Contract assets are comprised of the following: December 31, 2023 March 31, 2023 Short-term contract assets Cores expected to be returned by customers $ 13,338,000 $ 13,463,000 Core premiums paid to customers 9,684,000 9,812,000 Upfront payments to customers 1,471,000 1,593,000 Finished goods premiums paid to customers 743,000 575,000 Total short-term contract assets $ 25,236,000 $ 25,443,000 Long-term contract assets Remanufactured cores held at customers’ locations $ 275,768,000 $ 271,628,000 Core premiums paid to customers 32,384,000 38,310,000 Long-term core inventory deposits 5,569,000 5,569,000 Finished goods premiums paid to customers 2,481,000 2,530,000 Upfront payments to customers 2,121,000 344,000 Total long-term contract assets $ 318,323,000 $ 318,381,000

Significant Customer and Other

Significant Customer and Other Information	9 Months Ended
	Dec. 31, 2023
Significant Customer and Other Information [Abstract]
Significant Customer and Other Information	6. Significant Customer and Other Information Significant Customer Concentrations The largest customers accounted for the following percentage of consolidated net sales: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Net sales Customer A 34 % 36 % 35 % 38 % Customer C 26 % 21 % 27 % 22 % Customer B 23 % 27 % 21 % 24 % Customer D 4 % 4 % 5 % 4 % Revenues for Customers A through C were derived from the Hard Parts segment and Test Solutions and Diagnostic Equipment segment. Revenues for Customer D were derived from the Hard Parts segment. See Note 17 for a discussion of the Company’s segments. The largest customers accounted for the following percentage of accounts receivable – trade: December 31, 2023 March 31, 2023 Accounts receivable - trade Customer A 40 % 33 % Customer B 20 % 18 % Customer C 12 % 21 % Customer D 8 % 12 % Geographic and Product Information The Company’s products are sold predominantly in North America and accounted for the following percentages of consolidated net sales: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Product line Rotating electrical products 65 % 66 % 66 % 67 % Brake-related products 21 % 20 % 21 % 19 % Wheel hub products 11 % 10 % 10 % 11 % Other products 3 % 4 % 3 % 3 % 100 % 100 % 100 % 100 % Significant Supplier Concentrations The Company had no suppliers that accounted for more than 10% of inventory purchases for the three and nine months ended December 31, 2023 and 2022.

Debt

Debt	9 Months Ended
	Dec. 31, 2023
Debt [Abstract]
Debt	7. Debt The Company is party to a $268,620,000 senior secured financing, (as amended from time to time, the “Credit Facility”), consisting of a $238,620,000 revolving loan facility (the “Revolving Facility”), subject to certain restrictions, and a $30,000,000 term loan facility (the “Term Loans”). Prior to the eighth amendment discussed below, the loans under the Credit Facility were scheduled to mature on May 28, 2026. The lenders have a security interest in substantially all of the assets of the Company. On August 3, 2023, the Company entered into a seventh amendment to the Credit Facility, which among other things, (i) permitted the Company to repay its outstanding balance of Term Loans, (ii) permitted the exclusion of quarterly principal payments of Term Loans from the fixed charge coverage ratio (including retrospectively for the prior periods) for all quarters beginning June 30, 2023, (iii) reset the fixed charge coverage ratio financial covenant level for the quarters ending September 30, 2023 and December 31, 2023, (iv) eliminated the senior leverage ratio financial covenant effective with the quarter ended June 30, 2023, (v) extended the minimum undrawn availability financial covenant through the delivery of the June 30, 2024 compliance certificate, and (vi) excluded the amount of all amendment fees and expenses incurred in connection with this amendment as well as prior unamortized fees associated with the Term Loans from bank EBITDA and the fixed charge coverage ratio financial covenant. On August 3, 2023, the Company repaid the remaining outstanding balance of its Term Loans and recorded a loss on extinguishment of debt for the remaining unamortized debt issuance costs of $168,000 in the condensed consolidated statement of operations. On December 12, 2023, the Company entered into an eighth amendment to the Credit Facility, which among other things, (i) extended the maturity date to December 12, 2028 from May 28, 2026, (ii) amended the definition of “Applicable Margin” to provide for a pricing grid, with the Applicable Margin for Term SOFR loans ranging from 2.75% to 3.25% and the Applicable Margin for base rate loans ranging from 1.75% to 2.25%, in each case based on average daily undrawn availability for the most recently completed calendar quarter, (iii) amended the existing fixed charge coverage ratio financial covenant that is only tested if undrawn availability (which may include up to $8,000,000 of suppressed availability) is less than 22.5% of the aggregate revolving commitments, and (iv) amended the definitions of Consolidated EBITDA and fixed charge coverage ratio and certain component definitions used therein. The Company had $115,000,000 and $145,200,000 outstanding under the Revolving Facility at December 31, 2023 and March 31, 2023, respectively. In addition, $6,370,000 was outstanding for letters of credit at December 31, 2023. At December 31, 2023, after certain contractual adjustments, $114,168,000 was available under the Revolving Facility. The interest rate on the Company’s Revolving Facility was 8.71% and 8.13% respectively, at December 31, 2023 and March 31, 2023, respectively. The Credit Facility, as amended, requires the Company to maintain a minimum fixed charge coverage ratio if undrawn availability is less than 22.5% of aggregate revolving commitments and a specified minimum undrawn availability. At December 31, 2023, undrawn availability was greater than the 22.5% threshold, therefore, the fixed charge coverage ratio financial covenant was not required to be tested. The Company was in compliance with these covenants as of December 31, 2023. Convertible Notes On March 31, 2023, the Company entered into a note purchase agreement, as amended, (the “Note Purchase Agreement”) with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P. (collectively, the “Purchasers”) and Bison Capital Partners VI, L.P., as the purchaser representative (the “Purchaser Representative”) for the issuance and sale of $32,000,000 in aggregate principal amount of convertible notes due in 2029 (the “Convertible Notes”), which was used for general corporate purposes. The Convertible Notes bear interest at a rate of 10.0% per annum, compounded annually, and payable (i) in kind or (ii) in cash, annually in arrears on April 1 of each year, commencing on April 1, 2024. The Convertible Notes have an initial conversion price of approximately $15.00 per share of common stock (“Conversion Option”). Unless and until the Company delivers a redemption notice, the Purchasers of the Convertible Notes may convert their Convertible Notes at any time at their option. Upon conversion, the Convertible Notes will be settled in shares of the Company’s common stock. Except in the case of the occurrence of a fundamental transaction, as defined in the form of convertible promissory note, the Company may not redeem the Convertible Notes prior to March 31, 2026. After March 31, 2026, the Company may redeem all or part of the Convertible Notes for a cash purchase (the “Company Redemption”) price. On June 8, 2023, the Company entered into the first amendment to the Note Purchase Agreement, which among other things, removed a provision that specified the Purchasers would be entitled to receive a dividend or distribution payable in certain circumstances. This amendment was effective as of March 31, 2023. On August 1, 2023, the Company entered into the second amendment to the Note Purchase Agreement, which amended the definition of “Permitted Restricted Payments” to permit the prepayment of the Company’s Term Loans. The Company’s Convertible Notes are comprised of the following: December 31, 2023 March 31, 2023 Principal amount of Convertible Notes $ 32,000,000 $ 32,000,000 Less: unamortized debt discount attributed to Compound Net Derivative Liability (7,804,000 ) (8,430,000 ) Less: unamortized debt discount attributed to debt issuance costs (1,090,000 ) (1,006,000 ) Carrying amount of the Convertible Notes 23,106,000 22,564,000 Plus: Compound Net Derivative Liability 10,120,000 8,430,000 Net carrying amount of Convertible Notes, related party $ 33,226,000 $ 30,994,000 In connection with the Note Purchase Agreement, the Company entered into common stock warrants (the “Warrants”) with the Purchasers, which mature on March 30, 2029. The fair value of the Warrants, using Level 3 inputs and the Monte Carlo simulation model, was zero at December 31, 2023 and March 31, 2023. The Company Redemption option has been combined with the Conversion Option as a compound net derivative liability (the “Compound Net Derivative Liability”). The Compound Net Derivative Liability has been recorded within convertible note, related party December 31 December 31 December 31 The Convertible Notes also contain additional features, such as, default interest and options related to a fundamental transaction, which were not separately accounted for as the value of such features were not material at December 31 Interest expense related to the Convertible Notes is as follows: Three Months Ended Nine Months Ended December 31 December 31 2023 2023 Contractual interest expense $ 800,000 $ 2,400,000 Accretion of debt discount 217,000 626,000 Amortization of debt issuance costs 30,000 87,000 Total interest expense $ 1,047,000 $ 3,113,000 There are no future payments required under the Convertible Notes prior to their maturity, therefore, the principal amount of the Convertible Notes plus interest payable in kind, assuming no early redemption or conversion has occurred, of $56,704,000 would be paid on March 30, 2029.

Contract Liabilities

Contract Liabilities	9 Months Ended
	Dec. 31, 2023
Contract Liabilities [Abstract]
Contract Liabilities	8. Contract Liabilities Contract liabilities are comprised of the following: December 31, 2023 March 31, 2023 Short-term contract liabilities Customer allowances earned $ 21,771,000 $ 19,997,000 Customer core returns accruals 12,807,000 11,112,000 Accrued core payment 3,470,000 3,056,000 Customer deposits 3,329,000 3,232,000 Core bank liability 1,726,000 1,686,000 Finished goods liabilities 745,000 1,257,000 Total short-term contract liabilities $ 43,848,000 $ 40,340,000 Long-term contract liabilities Customer core returns accruals $ 186,341,000 $ 170,420,000 Core bank liability 12,283,000 13,582,000 Accrued core payment 7,749,000 9,171,000 Finished goods liabilities 217,000 433,000 Total long-term contract liabilities $ 206,590,000 $ 193,606,000

Leases

Leases	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	9. Leases The Company leases various facilities in North America and Asia under operating leases expiring through August 2033. The Company has material nonfunctional currency leases that could have a material impact on the Company’s condensed consolidated statements of operations. As required for other monetary liabilities, lessees remeasure foreign currency-denominated lease liabilities using the exchange rate at each reporting date, but the lease assets are nonmonetary assets measured at historical rates and are not affected by subsequent changes in the exchange rates. In connection with the remeasurement of these leases, the Company recorded gains of $2,608,000 and $3,129,000 during the three months ended December 31, 2023 and 2022, respectively. During the nine months ended December 31, 2023 and 2022, the Company recorded gains of $4,430,000 and $2,108,000, respectively, in connection with the remeasurement of these leases. These amounts are included in foreign exchange impact of lease liabilities and forward contracts in the condensed consolidated statements of operations and condensed consolidated statements of cash flows. Balance sheet information for leases is as follows: Leases Classification December 31, 2023 March 31, 2023 Assets: Operating Operating lease assets $ 85,187,000 $ 87,619,000 Finance Plant and equipment 4,251,000 5,549,000 Total leased assets $ 89,438,000 $ 93,168,000 Liabilities: Current Operating Operating lease liabilities $ 8,564,000 $ 8,767,000 Finance Other current liabilities 1,564,000 1,851,000 Long-term Operating Long-term operating lease liabilities 73,725,000 79,318,000 Finance Other liabilities 1,640,000 2,742,000 Total lease liabilities $ 85,493,000 $ 92,678,000 Lease cost recognized in the condensed consolidated statements of operations is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Lease cost Operating lease cost $ 3,740,000 $ 3,232,000 $ 11,243,000 $ 9,527,000 Short-term lease cost 274,000 340,000 917,000 1,353,000 Variable lease cost 138,000 164,000 470,000 528,000 Finance lease cost: Amortization of finance lease assets 361,000 503,000 1,155,000 1,531,000 Interest on finance lease liabilities 51,000 68,000 170,000 200,000 Total lease cost $ 4,564,000 $ 4,307,000 $ 13,955,000 $ 13,139,000 Maturities of lease commitments at December 31, 2023 by fiscal year were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2024 $ 3,506,000 $ 483,000 $ 3,989,000 2025 12,514,000 1,577,000 14,091,000 2026 12,200,000 844,000 13,044,000 2027 10,974,000 353,000 11,327,000 2028 10,873,000 194,000 11,067,000 Thereafter 54,486,000 2,000 54,488,000 Total lease payments 104,553,000 3,453,000 108,006,000 Less amount representing interest (22,264,000 ) (249,000 ) (22,513,000 ) Present value of lease liabilities $ 82,289,000 $ 3,204,000 $ 85,493,000 Other information about leases is as follows: December 31, 2023 March 31, 2023 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.4 2.9 Operating leases 8.5 9.0 Weighted-average discount rate: Finance leases 6.0 % 5.9 % Operating leases 5.8 % 5.8 %

Accounts Receivable Discount Pr

Accounts Receivable Discount Programs	9 Months Ended
	Dec. 31, 2023
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	10. Accounts Receivable Discount Programs The Company uses accounts receivable discount programs offered by certain customers and their respective banks. Under these programs, the Company may sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. These discount arrangements allow the Company to accelerate receipt of payment on customers’ receivables. The following is a summary of accounts receivable discount programs: Nine Months Ended December 31, 2023 2022 Receivables discounted $ 465,073,000 $ 428,868,000 Weighted average number of days collection was accelerated 334 323 Annualized weighted average discount rate 6.8 % 5.0 % Amount of discount recognized as interest expense $ 29,395,000 $ 19,131,000

Net (Loss) Income per Share

Net (Loss) Income per Share	9 Months Ended
	Dec. 31, 2023
Net (Loss) Income per Share [Abstract]
Net (Loss) Income per Share	11. Net (Loss) Income per Share Basic net (loss) income per share is computed by dividing net (loss) income The following presents a reconciliation of basic and diluted net (loss) income Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Net (loss) income $ (47,214,000 ) $ 1,026,000 $ (50,582,000 ) $ (5,666,000 ) Basic shares 19,634,306 19,474,871 19,580,960 19,383,531 Effect of potentially dilutive securities - 159,282 - - Diluted shares 19,634,306 19,634,153 19,580,960 19,383,531 Net (loss) income Basic net (loss) income $ (2.40 ) $ 0.05 $ (2.58 ) $ (0.29 ) Diluted net (loss) income $ (2.40 ) $ 0.05 $ (2.58 ) $ (0.29 ) Potential common shares that would have the effect of increasing diluted net income per share or decreasing diluted net loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted net (loss) income per share. For the three and nine months ended December 31, 2023 there were 2,130,615, respectively, of potential common shares not included in the calculation of diluted net (loss) income per share because their effect was anti-dilutive. For the three and nine months ended December 31, 2022 there were 1,201,984 and 1,897,876, respectively, of potential common shares not included in the calculation of diluted net (loss) income per share because their effect was anti-dilutive . For the three and nine months ended December 31, 2023 there were 2,293,926, respectively, of potential common shares not included in the calculation of diluted (loss) income per share under the “if-converted” method for the Convertible Notes because their effect was anti-dilutive. The potential common shares related to the Warrants issued in connection with the Convertible Notes (see Note 7) are anti-dilutive until they become exercisable and as of December 31, 2023, the Warrants were not exercisable .

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income Taxes	12. Income Taxes The Company recorded an income tax expense of $37,281,000, or an effective tax rate of (375.3%), and an income tax benefit of $8,971,000, or an effective tax rate of 112.9%, for the three months ended December 31, 2023 and 2022, respectively. The Company recorded an income tax expense of $37,226,000, or an effective tax rate of (278.7%), and an income tax benefit of $9,296,000, or an effective tax rate of 62.1%, for the nine months ended December 31, 2023 and 2022, respectively. The effective tax rate for the three and nine months ended December 31, 2023, was primarily impacted by (i) the establishment of a valuation allowance on deferred tax assets that the Company does not expect to be realized, (ii) foreign income taxed at rates that are different from the federal statutory rate, (iii) the portion of book expense related to convertible notes and derivatives that is not expected to be deductible for tax, and (iv) non-deductible executive compensation under Internal Revenue Code Section 162(m) . Management assesses the need for the valuation allowance on a quarterly basis by jurisdiction. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, past financial performance, and tax planning strategies. During the three months ended December 31, 2023, the Company recorded a discrete non-cash valuation allowance of $37,461,000 on U.S. federal and various state deferred tax assets that is considered not more likely than not to be realized under U.S. GAAP. This change in realizability assessment is primarily due to recent losses and an updated forecast during the three months ended December 31, 2023. The Company and its subsidiaries file income tax returns for the U.S. federal, various state, and foreign jurisdictions with varying statutes of limitations. At December 31, 2023, the Company is only under examination by the State of California for fiscal years 2020, 2021, and 2022 .

Financial Risk Management and D

Financial Risk Management and Derivatives	9 Months Ended
	Dec. 31, 2023
Financial Risk Management and Derivatives [Abstract]
Financial Risk Management and Derivatives	13. Financial Risk Management and Derivatives Purchases and expenses denominated in currencies other than the U.S. dollar, which are primarily related to the Company’s overseas facilities, expose the Company to market risk from material movements in foreign exchange rates between the U.S. dollar and the foreign currencies. The Company’s primary risk exposure is from fluctuations in the value of the Mexican peso and to a lesser extent the Chinese yuan. To mitigate these risks, the Company enters into forward foreign currency exchange contracts to exchange U.S. dollars for these foreign currencies. The extent to which forward foreign currency exchange contracts are used, is modified periodically in response to the Company’s estimate of market conditions and the terms and length of anticipated requirements. The Company enters into forward foreign currency exchange contracts in order to reduce the impact of foreign currency fluctuations and not to engage in currency speculation. The use of derivative financial instruments allows the Company to reduce its exposure to the risk that the eventual cash outflow resulting from funding the expenses of the foreign operations will be materially affected by changes in exchange rates between the U.S. dollar and the foreign currencies. The Company does not hold or issue financial instruments for trading purposes. The Company designates forward foreign currency exchange contracts for forecasted expenditure requirements to fund foreign operations. The Company had forward foreign currency exchange contracts with a U.S. dollar equivalent notional value of and at December 31 and March respectively. These contracts generally have a term of or less, at rates agreed at the inception of the contracts. The counterparty to these derivative transactions is a major financial institution with investment grade credit rating; however, the Company is exposed to credit risk with this institution. The credit risk is limited to the potential unrealized gains (which offset currency fluctuations adverse to the Company) in any such contract should this counterparty fail to perform as contracted. Any changes in the fair values of forward foreign currency exchange contracts are included in foreign exchange impact of lease liabilities and forward contracts in the condensed consolidated statements of operations. The following shows the effect of derivative instruments on the condensed consolidated statements of operations: Gain (Loss) Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Three Months Ended Nine Months Ended Derivatives Not Designated as December 31, December 31, Hedging Instruments 2023 2022 2023 2022 Forward foreign currency exchange contracts $ 541,000 $ 1,184,000 $ (1,771,000 ) $ 445,000 The fair value of the forward foreign currency exchange contracts of $2,118,000 and $ is included in prepaid expenses and other current assets in the condensed consolidated balance sheets at December 31, 2023 and March 31, 2023, respectively. The changes in the fair values of forward foreign currency exchange contracts are included in foreign exchange impact of lease liabilities and forward contracts in the condensed consolidated statements of cash flows for the nine months ended December 31, 2023 and 2022

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	14. Fair Value Measurements The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy: December 31, 2023 March 31, 2023 Fair Value Measurements Fair Value Measurements Using Inputs Considered as Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets Short-term investments Mutual funds $ 2,206,000 $ 2,206,000 $ - $ - $ 2,011,000 $ 2,011,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 2,118,000 - 2,118,000 - 3,889,000 - 3,889,000 - Liabilities Other current liabilities Deferred compensation 2,206,000 2,206,000 - - 2,011,000 2,011,000 - - Convertible notes, related party Compound Net Derivative Liability 10,120,000 - - 10,120,000 8,430,000 - - 8,430,000 Short-term Investments and Deferred Compensation The Company’s short-term investments, which fund its deferred compensation liabilities, consist of investments in mutual funds. These investments are classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. Forward Foreign Currency Exchange Contracts The forward foreign currency exchange contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers (See Note 13) . Compound Net Derivative Liability The Company estimates the fair value of the Compound Net Derivative Liability (see Note 7) using Level 3 inputs and the Monte Carlo simulation model at the balance sheet date. The Monte Carlo simulation model requires the input of subjective assumptions including the expected volatility of the underlying stock. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value. This amount is recorded within convertible notes, related party in the condensed consolidated balance sheets at December 31, 2023 and March 31, 2023. Any changes in the fair value of the Compound Net Derivative Liability are recorded in change in fair value of compound net derivative liability in the condensed consolidated statements of operations. The following assumptions were used to determine the fair value of the Compound Net Derivative Liability: December 31, 2023 March 31, 2023 Risk free interest rate 4.02 % 3.64 % Cost of equity 23.10 % 21.80 % Weighted average cost of capital 15.50 % 14.60 % Expected volatility of MPA common stock 50.00 % 50.00 % EBITDA volatility 40.00 % 35.00 % The following summarizes the activity for Level 3 fair value measurements: Three Months Ended Nine Months Ended December 31, December 31, 2023 2023 Beginning balance $ 8,960,000 $ 8,430,000 Changes in fair value of Compound Net Derivative Liability included in earnings 1,160,000 1,690,000 Ending balance $ 10,120,000 $ 10,120,000 During the three and nine months ended December 31, 2023, the Company had no significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of these instruments. The carrying amounts of the revolving loan and other long-term liabilities approximate their fair value based on the variable nature of interest rates and current rates for instruments with similar characteristics. At December 31, 2023 and March 31, 2023, the net carrying amount of the Convertible Notes was $33,226,000 and $30,994,000, respectively, with unamortized debt discounts and debt issuance costs of $8,894,000 and $9,436,000, respectively, and Compound Net Derivative Liability of $10,120,000 and $8,430,000, respectively. The estimated fair value of the Company’s Convertible Notes was $39,226,000 using Level 3 inputs at December 31, 2023. The net carrying amount of the Convertible Notes approximated their fair value at March 31, 2023, as they were issued on March 31, 2023.

Share-based Payments

Share-based Payments	9 Months Ended
	Dec. 31, 2023
Share-based Payments [Abstract]
Share-based Payments	15. Share-based Payments Stock Options The Company granted options to purchase 132,133 shares of common stock during the nine months ended December 31, 2023. No options to purchase shares of the Company’s common stock were granted during the nine months ended December 31, 2022. The cost associated with stock options is estimated using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions including the expected volatility of the underlying stock and the expected holding period of the option. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value. The following assumptions were used to derive the weighted average fair value of the stock options granted: Nine Months Ended December 31, 2023 Weighted average risk free interest rate 4.53 % Weighted average expected holding period (years) 6.57 Weighted average expected volatility 51.29 % Weighted average expected dividend yield - Weighted average fair value of options granted $ 3.75 The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2023 1,232,745 $ 20.20 Granted 132,133 $ 9.32 Exercised - $ - Forfeited/ Cancelled (111,262 ) $ 19.64 Expired (140,533 ) $ 9.66 Outstanding at December 31, 2023 1,113,083 $ 20.30 At December 31, 2023 At December 31, 2023 Restricted Stock Units and Restricted Stock Awards During the nine months ended December 31, 2023, the Company granted 100,624 33,333 66,667 100,000 229,121 The following is a summary of non-vested RSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2023 429,354 $ 15.07 Granted 100,624 $ 7.95 Vested (210,485 ) $ 15.58 Forfeited/Cancelled (77,626 ) $ 13.25 Outstanding at December 31, 2023 241,867 $ 12.25 At December 31, 2023 Performance Stock Units (“PSUs”) During the nine months ended December 31, 2023 1/3 1/3 1/3 During the nine months ended December 31 which cliff vest after three-years, subject to continued employment. These awards are contingent and granted separately for each of the following metrics: adjusted EBITDA, net sales, and relative total shareholder return (“TSR”). Compensation cost at the grant date is recognized on a straight-line basis over the requisite service period to the extent the conditions are deemed probable. The number of shares earned at the end of the three-year period will vary, based only on actual performance, from 0% to 150% of the target number of PSUs granted. Adjusted EBITDA and net sales are considered performance conditions. The Company will reassess the probability of achieving each performance condition separately each reporting period. TSR is considered a market condition because it measures the Company’s return against the performance of the Russell 3000, excluding companies classified as financials and real estate, over a given period of time. Compensation cost related to the TSR award will not be adjusted even if the market condition is not met. The Company calculated the fair value of the PSUs for each component individually. The fair value of PSUs subject to performance conditions is equal to the closing stock price on the grant date. The fair value of PSUs subject to a market condition is determined using the Monte Carlo simulation model. The following table summarizes the assumptions used in determining the fair value of the awards subject to market conditions: Nine Months Ended December 31, 2023 2022 Risk free interest rate 4.32-4.35 % 3.35 % Expected life in years 0.2-1.8 3 Expected volatility of MPA common stock 54.2-55.1 % 51.30 % Expected average volatility of peer companies - % 62.70 % Average correlation coefficient of peer companies - % 27.50 % Expected dividend yield - - Grant date fair value $ 3.57-8.37 $ 16.02 The following is a summary of non-vested PSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2023 192,696 $ 17.48 Granted 585,583 $ 4.50 Vested - $ - Forfeited (2,614 ) $ 6.09 Outstanding at December 31, 2023 775,665 $ 7.72 At December 31 , 2023 2,488,000 of unrecognized compensation expense related to these awards, which will be recognized over the weighted average remaining vesting period of approximately years

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Warranty Returns The Company allows its customers to return goods that their consumers have returned to them, whether or not the returned item is defective (“warranty returns”). The Company accrues an estimate of its exposure to warranty returns based on a historical analysis of the level of this type of return as a percentage of unit sales. Amounts charged to expense for these warranty returns are considered in arriving at the Company’s net sales. The following summarizes the changes in the warranty returns: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Balance at beginning of period $ 16,197,000 $ 18,461,000 $ 19,830,000 $ 20,125,000 Charged to expense 34,532,000 31,621,000 102,666,000 96,436,000 Amounts processed (34,599,000 ) (32,510,000 ) (106,366,000 ) (98,989,000 ) Balance at end of period $ 16,130,000 $ 17,572,000 $ 16,130,000 $ 17,572,000 Contingencies The Company is subject to various lawsuits and claims. In addition, government agencies and self-regulatory organizations have the ability to conduct periodic examinations of and administrative proceedings regarding the Company’s business, and its compliance with law, code, and regulations related to matters including, but not limited to, environmental, information security, taxes, levies, tariffs and such.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2023
Segment Information [Abstract]
Segment Information	17. Segment Information Effective as of the fourth quarter of fiscal 2023, the Company revised its segment reporting as it determined that its three operating segments no longer met the criteria to be aggregated. The Company recast its prior year segment disclosures to conform to the current year’s presentation. The Company’s three operating segments are: • Hard Parts , including (i) light duty rotating electric products such as alternators and starters, (ii) wheel hub products, (iii) brake-related products, including brake calipers, brake boosters, brake rotors, brake pads and brake master cylinders, and (iv) turbochargers, • Test Solutions and Diagnostic Equipment , including (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) equipment for the pre- and post-production of electric vehicles, and (iii) software emulation of power system applications for the electrification of all forms of transportation (including automobiles, trucks, the emerging electrification of systems within the aerospace industry, and electric vehicle charging stations), and • Heavy Duty , including non-discretionary automotive aftermarket replacement hard parts for heavy-duty truck, industrial, marine, and agricultural applications. The Company’s Hard Parts operating segment meets the criteria of a reportable segment while Test Solutions and Diagnostic Equipment and Heavy Duty are not material, are not required to be separately reported, and are included within the “all other” category. Financial information relating to the Company’s segments is as follows: Three Months Ended December 31, 2023 Hard Parts All Other Total Net sales to external customers $ 161,254,000 $ 10,608,000 $ 171,862,000 Intersegment sales 242,000 116,000 358,000 Operating income (loss) 9,993,000 (473,000 ) 9,520,000 Depreciation and amortization 2,557,000 321,000 2,878,000 Segment assets 1,005,470,000 51,965,000 1,057,435,000 Capital expenditures 221,000 72,000 293,000 Three Months Ended December 31, 2022 Hard Parts All Other Total Net sales to external customers $ 139,809,000 $ 12,010,000 $ 151,819,000 Intersegment sales 128,000 27,000 155,000 Operating income (loss) 4,191,000 (678,000 ) 3,513,000 Depreciation and amortization 2,737,000 371,000 3,108,000 Segment assets 1,020,855,000 50,225,000 1,071,080,000 Capital expenditures 778,000 185,000 963,000 Nine Months Ended December 31, 2023 Hard Parts All Other Total Net sales to external customers $ 495,422,000 $ 32,784,000 $ 528,206,000 Intersegment sales 442,000 249,000 691,000 Operating income (loss) 36,702,000 (2,852,000 ) 33,850,000 Depreciation and amortization 7,825,000 1,019,000 8,844,000 Capital expenditures 352,000 110,000 462,000 Nine Months Ended December 31, 2022 Hard Parts All Other Total Net sales to external customers $ 458,298,000 $ 30,049,000 $ 488,347,000 Intersegment sales 478,000 185,000 663,000 Operating income (loss) 20,976,000 (8,173,000 ) 12,803,000 Depreciation and amortization 8,212,000 1,110,000 9,322,000 Capital expenditures 3,314,000 293,000 3,607,000 Three Months Ended Nine Months Ended December 31, December 31, Net sales 2023 2022 2023 2022 Total net sales for reportable segment $ 161,496,000 $ 139,937,000 $ 495,864,000 $ 458,776,000 Other net sales 10,724,000 12,037,000 33,033,000 30,234,000 Elimination of intersegment net sales (358,000 ) (155,000 ) (691,000 ) (663,000 ) Total consolidated net sales $ 171,862,000 $ 151,819,000 $ 528,206,000 $ 488,347,000 Three Months Ended Nine Months Ended December 31, December 31, Profit or loss 2023 2022 2023 2022 Total operating income for reportable segment $ 9,993,000 $ 4,191,000 $ 36,702,000 $ 20,976,000 Other operating loss (473,000 ) (678,000 ) (2,852,000 ) (8,173,000 ) Elimination of intersegment operating income (loss) 4,000 13,000 52,000 (90,000 ) Interest expense, net (18,297,000 ) (11,471,000 ) (45,400,000 ) (27,675,000 ) Change in fair value of compound net derivative liability (1,160,000 ) - (1,690,000 ) - Loss on extinguishment of debt - - (168,000 ) - Total consolidated loss before income tax expense (benefit) $ (9,933,000 ) $ (7,945,000 ) $ (13,356,000 ) $ (14,962,000 ) Assets December 31, 2023 March 31, 2023 Total assets for reportable segment $ 1,005,470,000 $ 1,032,739,000 Other assets 51,965,000 49,778,000 Elimination of intersegment assets (61,502,000 ) (53,952,000 ) Total consolidated assets $ 995,933,000 $ 1,028,565,000

Share Repurchases

Share Repurchases	9 Months Ended
	Dec. 31, 2023
Share Repurchases [Abstract]
Share Repurchases	18. Share Repurchases In August 2018, the Company’s board of directors approved an increase in its share repurchase program from $20,000,000 to $37,000,000 of its common stock. During the three and nine mont

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	19. Related Party Transactions Lease Convertible Note and Election of Director

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Basis of Presentation and New_2

Basis of Presentation and New Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 31, 2023
Basis of Presentation and New Accounting Pronouncements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December The accompanying condensed consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to, except as noted below, the accounting policies described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements Supplier Finance Programs Liabilities—Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations During the three months ended December 31, 2023, the Company launched a supplier finance program as part of its ongoing efforts to improve cash flow and liquidity. This program allows certain of the Company’s suppliers to sell their receivables due from the Company to a participating financial institution at the sole discretion of both the supplier and the financial institution. The program is administered by a third party. The Company has no economic interest in the sale of these receivables and no direct relationship with the financial institution. Payments to the third-party administrator are based on services rendered and are not related to the volume or number of financing agreements between suppliers, financial institution, and the third-party administrator. The Company is not a party to agreements negotiated between participating suppliers and the financial institution. The Company’s obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier’s decision to participate in this program. The Company does not provide guarantees and there are no assets pledged to the financial institution or the third-party administrator for the committed payment in connection with this program. Any amounts confirmed as outstanding supplier invoices are included within accounts payable on the condensed consolidated balance sheets. As of December 31, 2023, the Company had no outstanding supplier obligations confirmed under this program. Accounting Pronouncements Not Yet Adopted Disclosure Improvements Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative Reportable Segment Disclosures Improvements to Reportable Segment Disclosures (Topic 280) Improvements to Income Tax Disclosures Improvements to Income Tax Disclosures (Topic 740)

Accounts Receivable - Net (Tabl

Accounts Receivable - Net (Tables)	9 Months Ended
	Dec. 31, 2023
Accounts Receivable - Net [Abstract]
Accounts Receivable	Accounts receivable — net is comprised of the following: December 31, 2023 March 31, 2023 Accounts receivable — trade $ 109,804,000 $ 136,076,000 Allowance for credit losses (189,000 ) (339,000 ) Customer payment discrepancies (1,360,000 ) (1,634,000 ) Customer returns RGA issued (15,247,000 ) (14,235,000 ) Total accounts receivable — net $ 93,008,000 $ 119,868,000

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Dec. 31, 2023
Inventory [Abstract]
Inventory Net	Inventory is comprised of the following: December 31, 2023 March 31, 2023 Inventory Raw materials $ 167,612,000 $ 147,880,000 Work-in-process 9,872,000 7,033,000 Finished goods 213,239,000 201,198,000 390,723,000 356,111,000 Less allowance for excess and obsolete inventory (16,429,000 ) (16,436,000 ) Inventory — net 374,294,000 339,675,000 Inventory unreturned 19,483,000 16,579,000 Total inventory $ 393,777,000 $ 356,254,000

Contract Assets (Tables)

Contract Assets (Tables)	9 Months Ended
	Dec. 31, 2023
Contract Assets [Abstract]
Contract Assets	Contract assets are comprised of the following: December 31, 2023 March 31, 2023 Short-term contract assets Cores expected to be returned by customers $ 13,338,000 $ 13,463,000 Core premiums paid to customers 9,684,000 9,812,000 Upfront payments to customers 1,471,000 1,593,000 Finished goods premiums paid to customers 743,000 575,000 Total short-term contract assets $ 25,236,000 $ 25,443,000 Long-term contract assets Remanufactured cores held at customers’ locations $ 275,768,000 $ 271,628,000 Core premiums paid to customers 32,384,000 38,310,000 Long-term core inventory deposits 5,569,000 5,569,000 Finished goods premiums paid to customers 2,481,000 2,530,000 Upfront payments to customers 2,121,000 344,000 Total long-term contract assets $ 318,323,000 $ 318,381,000

Significant Customer and Othe_2

Significant Customer and Other Information (Tables)	9 Months Ended
	Dec. 31, 2023
Significant Customer and Other Information [Abstract]
Concentrations of Risk	Significant Customer Concentrations The largest customers accounted for the following percentage of consolidated net sales: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Net sales Customer A 34 % 36 % 35 % 38 % Customer C 26 % 21 % 27 % 22 % Customer B 23 % 27 % 21 % 24 % Customer D 4 % 4 % 5 % 4 % Revenues for Customers A through C were derived from the Hard Parts segment and Test Solutions and Diagnostic Equipment segment. Revenues for Customer D were derived from the Hard Parts segment. See Note 17 for a discussion of the Company’s segments. The largest customers accounted for the following percentage of accounts receivable – trade: December 31, 2023 March 31, 2023 Accounts receivable - trade Customer A 40 % 33 % Customer B 20 % 18 % Customer C 12 % 21 % Customer D 8 % 12 % Geographic and Product Information The Company’s products are sold predominantly in North America and accounted for the following percentages of consolidated net sales: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Product line Rotating electrical products 65 % 66 % 66 % 67 % Brake-related products 21 % 20 % 21 % 19 % Wheel hub products 11 % 10 % 10 % 11 % Other products 3 % 4 % 3 % 3 % 100 % 100 % 100 % 100 %

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2023
Debt [Abstract]
Convertible Debt	The Company’s Convertible Notes are comprised of the following: December 31, 2023 March 31, 2023 Principal amount of Convertible Notes $ 32,000,000 $ 32,000,000 Less: unamortized debt discount attributed to Compound Net Derivative Liability (7,804,000 ) (8,430,000 ) Less: unamortized debt discount attributed to debt issuance costs (1,090,000 ) (1,006,000 ) Carrying amount of the Convertible Notes 23,106,000 22,564,000 Plus: Compound Net Derivative Liability 10,120,000 8,430,000 Net carrying amount of Convertible Notes, related party $ 33,226,000 $ 30,994,000
Total Interest Expense Recognized Related to Convertible Notes	Interest expense related to the Convertible Notes is as follows: Three Months Ended Nine Months Ended December 31 December 31 2023 2023 Contractual interest expense $ 800,000 $ 2,400,000 Accretion of debt discount 217,000 626,000 Amortization of debt issuance costs 30,000 87,000 Total interest expense $ 1,047,000 $ 3,113,000

Contract Liabilities (Tables)

Contract Liabilities (Tables)	9 Months Ended
	Dec. 31, 2023
Contract Liabilities [Abstract]
Contract Liabilities	Contract liabilities are comprised of the following: December 31, 2023 March 31, 2023 Short-term contract liabilities Customer allowances earned $ 21,771,000 $ 19,997,000 Customer core returns accruals 12,807,000 11,112,000 Accrued core payment 3,470,000 3,056,000 Customer deposits 3,329,000 3,232,000 Core bank liability 1,726,000 1,686,000 Finished goods liabilities 745,000 1,257,000 Total short-term contract liabilities $ 43,848,000 $ 40,340,000 Long-term contract liabilities Customer core returns accruals $ 186,341,000 $ 170,420,000 Core bank liability 12,283,000 13,582,000 Accrued core payment 7,749,000 9,171,000 Finished goods liabilities 217,000 433,000 Total long-term contract liabilities $ 206,590,000 $ 193,606,000

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Balance Sheet Information for Leases	Balance sheet information for leases is as follows: Leases Classification December 31, 2023 March 31, 2023 Assets: Operating Operating lease assets $ 85,187,000 $ 87,619,000 Finance Plant and equipment 4,251,000 5,549,000 Total leased assets $ 89,438,000 $ 93,168,000 Liabilities: Current Operating Operating lease liabilities $ 8,564,000 $ 8,767,000 Finance Other current liabilities 1,564,000 1,851,000 Long-term Operating Long-term operating lease liabilities 73,725,000 79,318,000 Finance Other liabilities 1,640,000 2,742,000 Total lease liabilities $ 85,493,000 $ 92,678,000
Lease Cost Recognized in Consolidated Statement of Operations	Lease cost recognized in the condensed consolidated statements of operations is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Lease cost Operating lease cost $ 3,740,000 $ 3,232,000 $ 11,243,000 $ 9,527,000 Short-term lease cost 274,000 340,000 917,000 1,353,000 Variable lease cost 138,000 164,000 470,000 528,000 Finance lease cost: Amortization of finance lease assets 361,000 503,000 1,155,000 1,531,000 Interest on finance lease liabilities 51,000 68,000 170,000 200,000 Total lease cost $ 4,564,000 $ 4,307,000 $ 13,955,000 $ 13,139,000
Maturity of Lease Commitments	Maturities of lease commitments at December 31, 2023 by fiscal year were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2024 $ 3,506,000 $ 483,000 $ 3,989,000 2025 12,514,000 1,577,000 14,091,000 2026 12,200,000 844,000 13,044,000 2027 10,974,000 353,000 11,327,000 2028 10,873,000 194,000 11,067,000 Thereafter 54,486,000 2,000 54,488,000 Total lease payments 104,553,000 3,453,000 108,006,000 Less amount representing interest (22,264,000 ) (249,000 ) (22,513,000 ) Present value of lease liabilities $ 82,289,000 $ 3,204,000 $ 85,493,000
Other Information about Leases	Other information about leases is as follows: December 31, 2023 March 31, 2023 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.4 2.9 Operating leases 8.5 9.0 Weighted-average discount rate: Finance leases 6.0 % 5.9 % Operating leases 5.8 % 5.8 %

Accounts Receivable Discount _2

Accounts Receivable Discount Programs (Tables)	9 Months Ended
	Dec. 31, 2023
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	The following is a summary of accounts receivable discount programs: Nine Months Ended December 31, 2023 2022 Receivables discounted $ 465,073,000 $ 428,868,000 Weighted average number of days collection was accelerated 334 323 Annualized weighted average discount rate 6.8 % 5.0 % Amount of discount recognized as interest expense $ 29,395,000 $ 19,131,000

Net (Loss) Income per Share (Ta

Net (Loss) Income per Share (Tables)	9 Months Ended
	Dec. 31, 2023
Net (Loss) Income per Share [Abstract]
Reconciliation of Basic and Diluted Net (Loss) Income Per Share	The following presents a reconciliation of basic and diluted net (loss) income Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Net (loss) income $ (47,214,000 ) $ 1,026,000 $ (50,582,000 ) $ (5,666,000 ) Basic shares 19,634,306 19,474,871 19,580,960 19,383,531 Effect of potentially dilutive securities - 159,282 - - Diluted shares 19,634,306 19,634,153 19,580,960 19,383,531 Net (loss) income Basic net (loss) income $ (2.40 ) $ 0.05 $ (2.58 ) $ (0.29 ) Diluted net (loss) income $ (2.40 ) $ 0.05 $ (2.58 ) $ (0.29 )

Financial Risk Management and_2

Financial Risk Management and Derivatives (Tables)	9 Months Ended
	Dec. 31, 2023
Financial Risk Management and Derivatives [Abstract]
Derivative Instruments on Consolidated Statements of Operations	The following shows the effect of derivative instruments on the condensed consolidated statements of operations: Gain (Loss) Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Three Months Ended Nine Months Ended Derivatives Not Designated as December 31, December 31, Hedging Instruments 2023 2022 2023 2022 Forward foreign currency exchange contracts $ 541,000 $ 1,184,000 $ (1,771,000 ) $ 445,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2023
Fair Value Measurements [Abstract]
Financial Assets and Liabilities Measured at Fair Value Recurring Basis	The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy: December 31, 2023 March 31, 2023 Fair Value Measurements Fair Value Measurements Using Inputs Considered as Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets Short-term investments Mutual funds $ 2,206,000 $ 2,206,000 $ - $ - $ 2,011,000 $ 2,011,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 2,118,000 - 2,118,000 - 3,889,000 - 3,889,000 - Liabilities Other current liabilities Deferred compensation 2,206,000 2,206,000 - - 2,011,000 2,011,000 - - Convertible notes, related party Compound Net Derivative Liability 10,120,000 - - 10,120,000 8,430,000 - - 8,430,000
Fair Value Assumptions	The following assumptions were used to determine the fair value of the Compound Net Derivative Liability: December 31, 2023 March 31, 2023 Risk free interest rate 4.02 % 3.64 % Cost of equity 23.10 % 21.80 % Weighted average cost of capital 15.50 % 14.60 % Expected volatility of MPA common stock 50.00 % 50.00 % EBITDA volatility 40.00 % 35.00 %
Activity for Level 3 Fair Value Measurements	The following summarizes the activity for Level 3 fair value measurements: Three Months Ended Nine Months Ended December 31, December 31, 2023 2023 Beginning balance $ 8,960,000 $ 8,430,000 Changes in fair value of Compound Net Derivative Liability included in earnings 1,160,000 1,690,000 Ending balance $ 10,120,000 $ 10,120,000

Share-based Payments (Tables)

Share-based Payments (Tables)	9 Months Ended
	Dec. 31, 2023
Share-based Payments [Abstract]
Assumptions Used to Derive Weighted Average Fair Value of Stock Options Granted	The following assumptions were used to derive the weighted average fair value of the stock options granted: Nine Months Ended December 31, 2023 Weighted average risk free interest rate 4.53 % Weighted average expected holding period (years) 6.57 Weighted average expected volatility 51.29 % Weighted average expected dividend yield - Weighted average fair value of options granted $ 3.75
Stock Option Transactions	The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2023 1,232,745 $ 20.20 Granted 132,133 $ 9.32 Exercised - $ - Forfeited/ Cancelled (111,262 ) $ 19.64 Expired (140,533 ) $ 9.66 Outstanding at December 31, 2023 1,113,083 $ 20.30
Restricted Stock Units Activity	The following is a summary of non-vested RSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2023 429,354 $ 15.07 Granted 100,624 $ 7.95 Vested (210,485 ) $ 15.58 Forfeited/Cancelled (77,626 ) $ 13.25 Outstanding at December 31, 2023 241,867 $ 12.25
Monte Carlo Valuation Model Assumptions Used in Determining Fair Value of TSR Awards	The following table summarizes the assumptions used in determining the fair value of the awards subject to market conditions: Nine Months Ended December 31, 2023 2022 Risk free interest rate 4.32-4.35 % 3.35 % Expected life in years 0.2-1.8 3 Expected volatility of MPA common stock 54.2-55.1 % 51.30 % Expected average volatility of peer companies - % 62.70 % Average correlation coefficient of peer companies - % 27.50 % Expected dividend yield - - Grant date fair value $ 3.57-8.37 $ 16.02
Performance Stock Units Activity	The following is a summary of non-vested PSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2023 192,696 $ 17.48 Granted 585,583 $ 4.50 Vested - $ - Forfeited (2,614 ) $ 6.09 Outstanding at December 31, 2023 775,665 $ 7.72

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Changes in Warranty Returns	The following summarizes the changes in the warranty returns: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Balance at beginning of period $ 16,197,000 $ 18,461,000 $ 19,830,000 $ 20,125,000 Charged to expense 34,532,000 31,621,000 102,666,000 96,436,000 Amounts processed (34,599,000 ) (32,510,000 ) (106,366,000 ) (98,989,000 ) Balance at end of period $ 16,130,000 $ 17,572,000 $ 16,130,000 $ 17,572,000

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2023
Segment Information [Abstract]
Financial Information Relating to Segments	Financial information relating to the Company’s segments is as follows: Three Months Ended December 31, 2023 Hard Parts All Other Total Net sales to external customers $ 161,254,000 $ 10,608,000 $ 171,862,000 Intersegment sales 242,000 116,000 358,000 Operating income (loss) 9,993,000 (473,000 ) 9,520,000 Depreciation and amortization 2,557,000 321,000 2,878,000 Segment assets 1,005,470,000 51,965,000 1,057,435,000 Capital expenditures 221,000 72,000 293,000 Three Months Ended December 31, 2022 Hard Parts All Other Total Net sales to external customers $ 139,809,000 $ 12,010,000 $ 151,819,000 Intersegment sales 128,000 27,000 155,000 Operating income (loss) 4,191,000 (678,000 ) 3,513,000 Depreciation and amortization 2,737,000 371,000 3,108,000 Segment assets 1,020,855,000 50,225,000 1,071,080,000 Capital expenditures 778,000 185,000 963,000 Nine Months Ended December 31, 2023 Hard Parts All Other Total Net sales to external customers $ 495,422,000 $ 32,784,000 $ 528,206,000 Intersegment sales 442,000 249,000 691,000 Operating income (loss) 36,702,000 (2,852,000 ) 33,850,000 Depreciation and amortization 7,825,000 1,019,000 8,844,000 Capital expenditures 352,000 110,000 462,000 Nine Months Ended December 31, 2022 Hard Parts All Other Total Net sales to external customers $ 458,298,000 $ 30,049,000 $ 488,347,000 Intersegment sales 478,000 185,000 663,000 Operating income (loss) 20,976,000 (8,173,000 ) 12,803,000 Depreciation and amortization 8,212,000 1,110,000 9,322,000 Capital expenditures 3,314,000 293,000 3,607,000 Three Months Ended Nine Months Ended December 31, December 31, Net sales 2023 2022 2023 2022 Total net sales for reportable segment $ 161,496,000 $ 139,937,000 $ 495,864,000 $ 458,776,000 Other net sales 10,724,000 12,037,000 33,033,000 30,234,000 Elimination of intersegment net sales (358,000 ) (155,000 ) (691,000 ) (663,000 ) Total consolidated net sales $ 171,862,000 $ 151,819,000 $ 528,206,000 $ 488,347,000 Three Months Ended Nine Months Ended December 31, December 31, Profit or loss 2023 2022 2023 2022 Total operating income for reportable segment $ 9,993,000 $ 4,191,000 $ 36,702,000 $ 20,976,000 Other operating loss (473,000 ) (678,000 ) (2,852,000 ) (8,173,000 ) Elimination of intersegment operating income (loss) 4,000 13,000 52,000 (90,000 ) Interest expense, net (18,297,000 ) (11,471,000 ) (45,400,000 ) (27,675,000 ) Change in fair value of compound net derivative liability (1,160,000 ) - (1,690,000 ) - Loss on extinguishment of debt - - (168,000 ) - Total consolidated loss before income tax expense (benefit) $ (9,933,000 ) $ (7,945,000 ) $ (13,356,000 ) $ (14,962,000 ) Assets December 31, 2023 March 31, 2023 Total assets for reportable segment $ 1,005,470,000 $ 1,032,739,000 Other assets 51,965,000 49,778,000 Elimination of intersegment assets (61,502,000 ) (53,952,000 ) Total consolidated assets $ 995,933,000 $ 1,028,565,000

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Components of accounts receivable [Abstract]
Accounts receivable - trade	$ 109,804,000	$ 136,076,000
Allowance for credit losses	(189,000)	(339,000)
Customer payment discrepancies	(1,360,000)	(1,634,000)
Customer returns RGA issued	(15,247,000)	(14,235,000)
Total accounts receivable - net	$ 93,008,000	$ 119,868,000

Inventory (Details)

Inventory (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Inventory [Abstract]
Raw materials	$ 167,612,000	$ 147,880,000
Work-in-process	9,872,000	7,033,000
Finished goods	213,239,000	201,198,000
Inventory, gross	390,723,000	356,111,000
Less allowance for excess and obsolete inventory	(16,429,000)	(16,436,000)
Inventory - net	374,294,000	339,675,000
Inventory unreturned	19,483,000	16,579,000
Total inventory	$ 393,777,000	$ 356,254,000

Contract Assets (Details)

Contract Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Contract Assets [Abstract]
Long-term contract assets, write-down	$ 1,607,000	$ 863,000	$ 4,380,000	$ 2,704,000
Short-term contract assets [Abstract]
Cores expected to be returned by customers	13,338,000		13,338,000		$ 13,463,000
Core premiums paid to customers	9,684,000		9,684,000		9,812,000
Upfront payments to customers	1,471,000		1,471,000		1,593,000
Finished goods premiums paid to customers	743,000		743,000		575,000
Total short-term contract assets	25,236,000		25,236,000		25,443,000
Long-term contract assets [Abstract]
Remanufactured cores held at customers' locations	275,768,000		275,768,000		271,628,000
Core premiums paid to customers	32,384,000		32,384,000		38,310,000
Long-term core inventory deposits	5,569,000		5,569,000		5,569,000
Finished goods premiums paid to customers	2,481,000		2,481,000		2,530,000
Upfront payments to customers	2,121,000		2,121,000		344,000
Total long-term contract assets	$ 318,323,000		$ 318,323,000		$ 318,381,000

Significant Customer and Othe_3

Significant Customer and Other Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Net Sales [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	34%	36%	35%	38%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	26%	21%	27%	22%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	23%	27%	21%	24%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%	4%	5%	4%
Net Sales [Member] | Product Concentration Risk [Member]
Concentration Risk [Abstract]
Concentration risk percentage	100%	100%	100%	100%
Net Sales [Member] | Product Concentration Risk [Member] | Rotating Electrical Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	65%	66%	66%	67%
Net Sales [Member] | Product Concentration Risk [Member] | Brake-Related Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	21%	20%	21%	19%
Net Sales [Member] | Product Concentration Risk [Member] | Wheel Hub Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	11%	10%	10%	11%
Net Sales [Member] | Product Concentration Risk [Member] | Other Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	3%	4%	3%	3%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage			40%		33%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage			12%		21%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage			20%		18%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage			8%		12%

Debt, Revolving Facility and Te

Debt, Revolving Facility and Term loans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Amended Credit Facility [Abstract]
Loss on extinguishment of debt	$ 0	$ 0	$ (168,000)	$ 0
Revolving Facility [Member]
Amended Credit Facility [Abstract]
Interest rate at end of period	8.71%		8.71%		8.13%
Revolving Facility [Member] | Letters of Credit [Member]
Amended Credit Facility [Abstract]
Outstanding balance under revolving loan	$ 6,370,000		$ 6,370,000
Term Loans [Member]
Amended Credit Facility [Abstract]
Loss on extinguishment of debt			(168,000)
Credit Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 268,620,000		$ 268,620,000
Debt instrument, maturity date			Dec. 12, 2028	May 28, 2026
Percentage of aggregate revolving commitments	22.50%		22.50%
Credit Facility [Member] | Revolving Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 238,620,000		$ 238,620,000
Outstanding balance under revolving loan	115,000,000		115,000,000		$ 145,200,000
Amount available under revolving facility	114,168,000		114,168,000
Credit Facility [Member] | Term Loans [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	30,000,000		30,000,000
Credit Facility [Member] | Maximum [Member]
Amended Credit Facility [Abstract]
Amount of suppressed availability	$ 8,000,000		$ 8,000,000
Credit Facility [Member] | SOFR [Member] | Minimum [Member]
Amended Credit Facility [Abstract]
Variable rate			2.75%
Credit Facility [Member] | SOFR [Member] | Maximum [Member]
Amended Credit Facility [Abstract]
Variable rate			3.25%
Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Amended Credit Facility [Abstract]
Variable rate			1.75%
Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Amended Credit Facility [Abstract]
Variable rate			2.25%

Debt, Convertible Notes (Detail

Debt, Convertible Notes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Convertible Notes [Abstract]
Net carrying amount of Convertible Notes, related party	$ 33,226,000		$ 33,226,000		$ 30,994,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Net carrying amount of Convertible Notes, related party		Net carrying amount of Convertible Notes, related party		Net carrying amount of Convertible Notes, related party
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Net carrying amount of Convertible Notes, related party		Net carrying amount of Convertible Notes, related party		Net carrying amount of Convertible Notes, related party
Change in fair value of compound net derivative liability	$ 1,160,000	$ 0	$ 1,690,000	$ 0
Interest Expense [Abstract]
Contractual interest expense			2,400,000	$ 0
Convertible Notes [Member]
Convertible Notes [Abstract]
Principal amount of Convertible Notes	32,000,000		32,000,000		$ 32,000,000
Less: unamortized debt discount attributed to Compound Net Derivative Liability	(7,804,000)		(7,804,000)		(8,430,000)
Less: unamortized debt discount attributed to debt issuance costs	(1,090,000)		(1,090,000)		(1,006,000)
Carrying amount of the Convertible Notes	23,106,000		23,106,000		22,564,000
Plus: Compound Net Derivative Liability	10,120,000		10,120,000		8,430,000
Net carrying amount of Convertible Notes, related party	$ 33,226,000		$ 33,226,000		$ 30,994,000
Interest rate					10%
Warrants maturity date	Mar. 30, 2029		Mar. 30, 2029
Conversion price (in dollars per share)	$ 15		$ 15
Warrants fair value	$ 0		$ 0		$ 0
Derivative liability	13,500,000		13,500,000		10,400,000
Derivative assets	3,380,000		3,380,000		$ 1,970,000
Change in fair value of compound net derivative liability	1,160,000		1,690,000
Interest Expense [Abstract]
Contractual interest expense	800,000		2,400,000
Accretion of debt discount	217,000		626,000
Amortization of debt issuance costs	30,000		87,000
Total interest expense	1,047,000		3,113,000
Convertible Notes Principal plus interest, Fiscal Year Future payment [Abstract]
Total payments	$ 56,704,000		$ 56,704,000

Contract Liabilities (Details)

Contract Liabilities (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Short-term contract liabilities [Abstract]
Customer allowances earned	$ 21,771,000	$ 19,997,000
Customer core returns accruals	12,807,000	11,112,000
Accrued core payment	3,470,000	3,056,000
Customer deposits	3,329,000	3,232,000
Core bank liability	1,726,000	1,686,000
Finished goods liabilities	745,000	1,257,000
Total short-term contract liabilities	43,848,000	40,340,000
Long-term contract liabilities [Abstract]
Customer core returns accruals	186,341,000	170,420,000
Core bank liability	12,283,000	13,582,000
Accrued core payment	7,749,000	9,171,000
Finished goods liabilities	217,000	433,000
Total long-term contract liabilities	$ 206,590,000	$ 193,606,000

Leases, General Information (De

Leases, General Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Gain in foreign currency-denominated lease liabilities	$ 2,608,000	$ 3,129,000	$ 4,430,000	$ 2,108,000

Leases, Balance Sheet Informati

Leases, Balance Sheet Information (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Assets [Abstract]
Operating, Operating lease assets	$ 85,187,000	$ 87,619,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating, Operating lease assets	Operating, Operating lease assets
Finance, Plant and equipment	$ 4,251,000	$ 5,549,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plant and equipment - net	Plant and equipment - net
Total leased assets	$ 89,438,000	$ 93,168,000
Current [Abstract]
Operating, Operating lease liabilities	$ 8,564,000	$ 8,767,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating, Operating lease liabilities	Operating, Operating lease liabilities
Finance, Other current liabilities	$ 1,564,000	$ 1,851,000
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term [Abstract]
Operating, Long-term operating lease liabilities	$ 73,725,000	$ 79,318,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating, Long-term operating lease liabilities	Operating, Long-term operating lease liabilities
Finance, Other liabilities	$ 1,640,000	$ 2,742,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 85,493,000	$ 92,678,000

Leases, Cost Recognized in Cons

Leases, Cost Recognized in Consolidated Statements of Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Lease cost [Abstract]
Operating lease cost	$ 3,740,000	$ 3,232,000	$ 11,243,000	$ 9,527,000
Short-term lease cost	274,000	340,000	917,000	1,353,000
Variable lease cost	138,000	164,000	470,000	528,000
Finance lease cost [Abstract]
Amortization of finance lease assets	361,000	503,000	1,155,000	1,531,000
Interest on finance lease liabilities	51,000	68,000	170,000	200,000
Total lease cost	$ 4,564,000	$ 4,307,000	$ 13,955,000	$ 13,139,000

Leases, Maturities of Lease Com

Leases, Maturities of Lease Commitments (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Operating Leases [Abstract]
2024 - remaining three months	$ 3,506,000
2025	12,514,000
2026	12,200,000
2027	10,974,000
2028	10,873,000
Thereafter	54,486,000
Total lease payments	104,553,000
Less amount representing interest	(22,264,000)
Present value of lease liabilities	82,289,000
Finance Leases [Abstract]
2024 - remaining three months	483,000
2025	1,577,000
2026	844,000
2027	353,000
2028	194,000
Thereafter	2,000
Total lease payments	3,453,000
Less amount representing interest	(249,000)
Present value of lease liabilities	3,204,000
Total [Abstract]
2024 - remaining three months	3,989,000
2025	14,091,000
2026	13,044,000
2027	11,327,000
2028	11,067,000
Thereafter	54,488,000
Total lease payments	108,006,000
Less amount representing interest	(22,513,000)
Present value of lease liabilities	$ 85,493,000	$ 92,678,000

Leases, Other Information (Deta

Leases, Other Information (Details)	Dec. 31, 2023	Mar. 31, 2023
Weighted-average remaining lease term (years) [Abstract]
Finance leases	2 years 4 months 24 days	2 years 10 months 24 days
Operating leases	8 years 6 months	9 years
Weighted-average discount rate [Abstract]
Finance leases	6%	5.90%
Operating leases	5.80%	5.80%

Accounts Receivable Discount _3

Accounts Receivable Discount Programs (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 465,073,000	$ 428,868,000
Weighted average number of days collection was accelerated	334 days	323 days
Annualized weighted average discount rate	6.80%	5%
Amount of discount recognized as interest expense	$ 29,395,000	$ 19,131,000

Net (Loss) Income per Share (De

Net (Loss) Income per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of basic and diluted net (loss) income per share [Abstract]
Net (loss) income	$ (47,214,000)	$ (1,958,000)	$ (1,410,000)	$ 1,026,000	$ (6,517,000)	$ (175,000)	$ (50,582,000)	$ (5,666,000)
Basic shares (in shares)	19,634,306			19,474,871			19,580,960	19,383,531
Effect of potentially dilutive securities (in shares)	0			159,282			0	0
Diluted shares (in shares)	19,634,306			19,634,153			19,580,960	19,383,531
Net (loss) income per share, Basic [Abstract]
Basic net (loss) income per share (in dollars per share)	$ (2.4)			$ 0.05			$ (2.58)	$ (0.29)
Net (loss) income per share, Diluted [Abstract]
Diluted net (loss) income per share (in dollars per share)	$ (2.4)			$ 0.05			$ (2.58)	$ (0.29)
Potential Common Shares [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	2,130,615			1,201,984			2,130,615	1,897,876
Convertible Notes [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	2,293,926						2,293,926

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Income tax expense (benefit)	$ 37,281,000	$ (8,971,000)	$ 37,226,000	$ (9,296,000)
Effective income tax rate	(375.30%)	112.90%	(278.70%)	62.10%
Income Tax Examination [Abstract]
Valuation allowance	$ 37,461,000		$ 37,461,000
State of California [Member]
Income Tax Examination [Abstract]
Tax years under examination			2020 2021 2022

Financial Risk Management and_3

Financial Risk Management and Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts included in prepaid and other current assets	$ 2,118,000		$ 2,118,000		$ 3,889,000
Forward Foreign Currency Exchange Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Notional amount of foreign currency derivatives	53,301,000		53,301,000		$ 48,486,000
Forward Foreign Currency Exchange Contracts [Member] | Foreign Exchange Impact of Lease Liabilities and Forward Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts	$ 541,000	$ 1,184,000	$ (1,771,000)	$ 445,000
Forward Foreign Currency Exchange Contracts [Member] | Maximum [Member]
Foreign Currency Exchange Contracts [Abstract]
Derivative, term of contract			1 year

Fair Value Measurements (Detail

Fair Value Measurements (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Change in contingent consideration measured at fair value recurring basis using significant unobservable inputs (Level 3) [Roll Forward]
Net carrying amount of convertible notes	$ 33,226,000	$ 33,226,000	$ 30,994,000
Compound Net Derivative Liability [Member]
Change in contingent consideration measured at fair value recurring basis using significant unobservable inputs (Level 3) [Roll Forward]
Beginning balance	8,960,000	8,430,000
Changes in fair value of Compound Net Derivative Liability included in earnings	1,160,000	1,690,000
Ending balance	10,120,000	10,120,000
Net carrying amount of convertible notes	33,226,000	33,226,000	30,994,000
Unamortized debt discount and debt issuance costs	$ 8,894,000	$ 8,894,000	$ 9,436,000
Compound Net Derivative Liability [Member] | Risk Free Interest Rate [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.0402	0.0402	0.0364
Compound Net Derivative Liability [Member] | Cost of Equity [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.231	0.231	0.218
Compound Net Derivative Liability [Member] | Weighted Average Cost of Capital [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.155	0.155	0.146
Compound Net Derivative Liability [Member] | Expected Volatility of MPA Common Stock [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.50	0.50	0.50
Compound Net Derivative Liability [Member] | EBITDA Volatility [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.40	0.40	0.35
Level 3 [Member] | Convertible Notes [Member]
Change in contingent consideration measured at fair value recurring basis using significant unobservable inputs (Level 3) [Roll Forward]
Estimated fair value of convertible notes	$ 39,226,000	$ 39,226,000
Recurring [Member]
Short-term investments [Abstract]
Mutual funds	2,206,000	2,206,000	$ 2,011,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	2,118,000	2,118,000	3,889,000
Other current liabilities [Abstract]
Deferred compensation	2,206,000	2,206,000	2,011,000
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	10,120,000	10,120,000	8,430,000
Recurring [Member] | Level 1 [Member]
Short-term investments [Abstract]
Mutual funds	2,206,000	2,206,000	2,011,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0	0	0
Other current liabilities [Abstract]
Deferred compensation	2,206,000	2,206,000	2,011,000
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	0	0	0
Recurring [Member] | Level 2 [Member]
Short-term investments [Abstract]
Mutual funds	0	0	0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	2,118,000	2,118,000	3,889,000
Other current liabilities [Abstract]
Deferred compensation	0	0	0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	0	0	0
Recurring [Member] | Level 3 [Member]
Short-term investments [Abstract]
Mutual funds	0	0	0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0	0	0
Other current liabilities [Abstract]
Deferred compensation	0	0	0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	$ 10,120,000	$ 10,120,000	$ 8,430,000

Share-based Payments - Stock Op

Share-based Payments - Stock Options Activity (Details) - Stock Options [Member] - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assumptions used to derive the weighted average fair value of the stock options granted [Abstract]
Weighted average risk free interest rate	4.53%
Weighted average expected holding period	6 years 6 months 25 days
Weighted average expected volatility	51.29%
Weighted average expected dividend yield	0%
Weighted average fair value of options granted (in dollars per share)	$ 3.75
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	1,232,745
Granted (in shares)	132,133	0
Exercised (in shares)	0
Forfeited/Cancelled (in shares)	(111,262)
Expired (in shares)	(140,533)
Outstanding at end of period (in shares)	1,113,083
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 20.2
Granted (in dollars per share)	9.32
Exercised (in dollars per share)	0
Forfeited/Cancelled (in dollars per share)	19.64
Expired (in dollars per share)	9.66
Outstanding at end of period (in dollars per share)	$ 20.3
Number of stock options unvested (in shares)	132,133
Weighted average exercise price of stock options unvested (in dollars per share)	$ 9.32
Total unrecognized compensation expense	$ 450,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	2 years 8 months 12 days

Share-based Payments - Restrict

Share-based Payments - Restricted Stock Units (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock [Member]
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	429,354
Granted (in shares)	100,624
Vested (in shares)	(210,485)
Forfeited/Cancelled (in shares)	(77,626)
Non-vested at end of period (in shares)	241,867
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 15.07
Granted (in dollars per share)	7.95
Vested (in dollars per share)	15.58
Forfeited/Cancelled (in dollars per share)	13.25
Non-vested at end of period (in dollars per share)	$ 12.25
Total unrecognized compensation expense	$ 2,002,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	1 year 1 month 6 days
Restricted Stock, Threshold Performance Level [Member]
Number of Shares [Roll Forward]
Granted (in shares)		33,333
Restricted Stock, Target Performance Level [Member]
Number of Shares [Roll Forward]
Granted (in shares)		66,667
Restricted Stock, Maximum Performance Level [Member]
Number of Shares [Roll Forward]
Granted (in shares)		100,000
Restricted Stock, Time-based [Member]
Number of Shares [Roll Forward]
Granted (in shares)		229,121

Share-based Payments - Performa

Share-based Payments - Performance Stock Units (Details) - Performance Stock Units [Member]	9 Months Ended
	Dec. 31, 2023 USD ($) d $ / shares shares	Dec. 31, 2022 $ / shares shares
Performance Stock Units ("PSUs") [Abstract]
Number of trading days | d	30
Vesting period	3 years
Monte Carlo valuation model assumptions used in determining the fair value of the TSR awards [Abstract]
Risk free interest rate		3.35%
Expected life in years		3 years
Expected volatility of MPA common stock		51.30%
Expected average volatility of peer companies	0%	62.70%
Average correlation coefficient of peer companies	0%	27.50%
Expected dividend yield	0%	0%
Grant date fair value (in dollars per share)		$ 16.02
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) | shares	192,696
Granted (in shares) | shares	585,583	126,028
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(2,614)
Non-vested at end of period (in shares) | shares	775,665
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 17.48
Granted (in dollars per share)	4.5
Vested (in dollars per share)	0
Forfeited (in dollars per share)	6.09
Non-vested at end of period (in dollars per share)	$ 7.72
Total unrecognized compensation expense | $	$ 2,488,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	1 year 2 months 12 days
Minimum [Member]
Performance Stock Units ("PSUs") [Abstract]
Awards vesting target percentage		0%
Monte Carlo valuation model assumptions used in determining the fair value of the TSR awards [Abstract]
Risk free interest rate	4.32%
Expected life in years	2 months 12 days
Expected volatility of MPA common stock	54.20%
Grant date fair value (in dollars per share)	$ 3.57
Maximum [Member]
Performance Stock Units ("PSUs") [Abstract]
Awards vesting target percentage		150%
Monte Carlo valuation model assumptions used in determining the fair value of the TSR awards [Abstract]
Risk free interest rate	4.35%
Expected life in years	1 year 9 months 18 days
Expected volatility of MPA common stock	55.10%
Grant date fair value (in dollars per share)	$ 8.37
Tranche One [Member]
Performance Stock Units ("PSUs") [Abstract]
Stock price (in dollars per share)	$ 10
Percentage of vesting of award	33%
Tranche Two [Member]
Performance Stock Units ("PSUs") [Abstract]
Stock price (in dollars per share)	$ 15
Percentage of vesting of award	33%
Tranche Three [Member]
Performance Stock Units ("PSUs") [Abstract]
Stock price (in dollars per share)	$ 20
Percentage of vesting of award	33%
Tranche Three [Member] | Minimum [Member]
Performance Stock Units ("PSUs") [Abstract]
Stock price (in dollars per share)	$ 17.5
Eligible vesting percentage for recipients	50%
Tranche Three [Member] | Maximum [Member]
Performance Stock Units ("PSUs") [Abstract]
Stock price (in dollars per share)	$ 25
Eligible vesting percentage for recipients	150%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Change in warranty returns [Roll Forward]
Balance at beginning of period	$ 16,197,000	$ 18,461,000	$ 19,830,000	$ 20,125,000
Charged to expense	34,532,000	31,621,000	102,666,000	96,436,000
Amounts processed	(34,599,000)	(32,510,000)	(106,366,000)	(98,989,000)
Balance at end of period	$ 16,130,000	$ 17,572,000	$ 16,130,000	$ 17,572,000

Segment Information (Details)

Segment Information (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Segment Information [Abstract]
Number of operating segments | Segment	3
Selected Financial Data [Abstract]
Net sales	$ 171,862,000	$ 151,819,000	$ 528,206,000	$ 488,347,000
Operating income (loss)	9,524,000	3,526,000	33,902,000	12,713,000
Segment assets	995,933,000		995,933,000		$ 1,028,565,000
Interest expense, net	(18,297,000)	(11,471,000)	(45,400,000)	(27,675,000)
Change in fair value of compound net derivative liability	(1,160,000)	0	(1,690,000)	0
Loss on extinguishment of debt	0	0	(168,000)	0
Loss before income tax expense (benefit)	(9,933,000)	(7,945,000)	(13,356,000)	(14,962,000)
Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales	161,254,000	139,809,000	495,422,000	458,298,000
All Other [Member]
Selected Financial Data [Abstract]
Net sales	10,608,000	12,010,000	32,784,000	30,049,000
Operating Segments [Member]
Selected Financial Data [Abstract]
Operating income (loss)	9,520,000	3,513,000	33,850,000	12,803,000
Depreciation and amortization	2,878,000	3,108,000	8,844,000	9,322,000
Segment assets	1,057,435,000	1,071,080,000	1,057,435,000	1,071,080,000
Capital expenditures	293,000	963,000	462,000	3,607,000
Operating Segments [Member] | Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales	161,496,000	139,937,000	495,864,000	458,776,000
Operating income (loss)	9,993,000	4,191,000	36,702,000	20,976,000
Depreciation and amortization	2,557,000	2,737,000	7,825,000	8,212,000
Segment assets	1,005,470,000	1,020,855,000	1,005,470,000	1,020,855,000	1,032,739,000
Capital expenditures	221,000	778,000	352,000	3,314,000
Operating Segments [Member] | All Other [Member]
Selected Financial Data [Abstract]
Net sales	10,724,000	12,037,000	33,033,000	30,234,000
Operating income (loss)	(473,000)	(678,000)	(2,852,000)	(8,173,000)
Depreciation and amortization	321,000	371,000	1,019,000	1,110,000
Segment assets	51,965,000	50,225,000	51,965,000	50,225,000	49,778,000
Capital expenditures	72,000	185,000	110,000	293,000
Intersegment Sales [Member]
Selected Financial Data [Abstract]
Net sales	358,000	155,000	691,000	663,000
Operating income (loss)	4,000	13,000	52,000	(90,000)
Segment assets	(61,502,000)		(61,502,000)		$ (53,952,000)
Intersegment Sales [Member] | Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales	242,000	128,000	442,000	478,000
Intersegment Sales [Member] | All Other [Member]
Selected Financial Data [Abstract]
Net sales	$ 116,000	$ 27,000	$ 249,000	$ 185,000

Share Repurchases (Details)

Share Repurchases (Details) - Common Stock [Member] - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Aug. 31, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, approved amount	$ 37,000,000	$ 37,000,000	$ 20,000,000
Repurchase of shares (in shares)	0	0
Shares utilized, amount		$ 18,745,000
Shares available for repurchase, amount	$ 18,255,000	$ 18,255,000
Shares repurchased and retired (in shares)		837,007

Related Party Transactions (Det

Related Party Transactions (Details) - Company Co-owned by Member of Management [Member] - Manufacturing Facility [Member]	3 Months Ended	9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) ft²
Operating Lease [Abstract]
Area of facility | ft²			35,000
Initial lease term	1 year	1 year
Base rent			$ 27,000
Lease renewal term	4 years	4 years
Lease additional renewal term		1 year
Rent expenses	$ 81,000	$ 243,000