Motorcar Parts of America (MPAA) 10-Q 8 Aug 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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		19,753,585

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 7,531,000	$ 13,974,000
Short-term investments	1,887,000	1,837,000
Accounts receivable - net	78,624,000	96,296,000
Inventory - net	402,931,000	397,328,000
Contract assets	27,317,000	27,139,000
Prepaid expenses and other current assets	21,753,000	23,885,000
Total current assets	540,043,000	560,459,000
Plant and equipment - net	35,010,000	38,338,000
Operating lease assets	77,057,000	83,973,000
Long-term deferred income taxes	3,960,000	2,976,000
Long-term contract assets	315,463,000	320,282,000
Goodwill and intangible assets - net	4,102,000	4,274,000
Other assets	2,320,000	1,700,000
TOTAL ASSETS	977,955,000	1,012,002,000
Current liabilities:
Accounts payable and accrued liabilities	159,627,000	185,182,000
Customer finished goods returns accrual	28,893,000	38,312,000
Contract liabilities	41,504,000	37,591,000
Revolving loan	143,834,000	128,000,000
Other current liabilities	8,363,000	7,021,000
Operating lease liabilities	9,083,000	8,319,000
Total current liabilities	391,304,000	404,425,000
Convertible notes, related party	$ 31,676,000	$ 30,776,000
Notes Payable, Noncurrent, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Long-term contract liabilities	$ 210,378,000	$ 212,068,000
Long-term deferred income taxes	39,000	511,000
Long-term operating lease liabilities	71,044,000	72,240,000
Other liabilities	6,345,000	6,872,000
Total liabilities	710,786,000	726,892,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,753,585 and 19,662,380 shares issued and outstanding at June 30, 2024 and March 31, 2024, respectively	198,000	197,000
Additional paid-in capital	237,073,000	236,255,000
Retained earnings	21,418,000	39,503,000
Accumulated other comprehensive income	8,480,000	9,155,000
Total shareholders' equity	267,169,000	285,110,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	977,955,000	1,012,002,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
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)	19,753,585	19,662,380
Common stock, outstanding (in shares)	19,753,585	19,662,380
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
	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 169,887,000	$ 159,705,000
Cost of goods sold	140,713,000	133,138,000
Gross profit	29,174,000	26,567,000
Operating expenses:
General and administrative	16,670,000	12,602,000
Sales and marketing	5,449,000	5,419,000
Research and development	2,433,000	2,375,000
Foreign exchange impact of lease liabilities and forward contracts	11,078,000	(4,270,000)
Total operating expenses	35,630,000	16,126,000
Operating (loss) income	(6,456,000)	10,441,000
Other expenses:
Interest expense, net	14,387,000	11,720,000
Change in fair value of compound net derivative liability	(2,580,000)	140,000
Total other expenses	11,807,000	11,860,000
Loss before income tax benefit	(18,263,000)	(1,419,000)
Income tax benefit	(178,000)	(9,000)
Net loss	$ (18,085,000)	$ (1,410,000)
Basic net loss per share (in dollars per share)	$ (0.92)	$ (0.07)
Diluted net loss per share (in dollars per share)	$ (0.92)	$ (0.07)
Weighted average number of shares outstanding:
Basic (in shares)	19,674,539	19,508,626
Diluted (in shares)	19,674,539	19,508,626

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net loss	$ (18,085,000)	$ (1,410,000)
Other comprehensive (loss) income, net of tax:
Foreign currency translation (loss) gain	(675,000)	3,343,000
Total other comprehensive (loss) income, net of tax	(675,000)	3,343,000
Comprehensive (loss) income	$ (18,760,000)	$ 1,933,000

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, 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
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	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, 2024	$ 197,000	236,255,000	39,503,000	9,155,000	$ 285,110,000
Beginning balance (in shares) at Mar. 31, 2024	19,662,380				19,662,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,000,000	0	0	$ 1,000,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(182,000)	0	0	(181,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	91,205
Foreign currency translation	$ 0	0	0	(675,000)	(675,000)
Net loss	0	0	(18,085,000)	0	(18,085,000)
Ending balance at Jun. 30, 2024	$ 198,000	$ 237,073,000	$ 21,418,000	$ 8,480,000	$ 267,169,000
Ending balance (in shares) at Jun. 30, 2024	19,753,585				19,753,585

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (18,085,000)	$ (1,410,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,729,000	3,033,000
Amortization of debt issuance costs	537,000	464,000
Amortization of interest on contract liabilities	203,000	249,000
Accrued interest on convertible notes, related party	880,000	800,000
Amortization of core premiums paid to customers	2,471,000	2,490,000
Amortization of finished goods premiums paid to customers	257,000	167,000
Noncash lease expense	2,608,000	2,504,000
Foreign exchange impact of lease liabilities and forward contracts	11,078,000	(4,270,000)
Change in fair value of compound net derivative liability	(2,580,000)	140,000
Gain on short-term investments	(28,000)	(121,000)
Net provision for inventory reserves	3,184,000	3,366,000
Net provision for customer payment discrepancies and credit losses	34,000	1,159,000
Deferred income taxes	(1,862,000)	1,595,000
Share-based compensation expense	1,000,000	1,310,000
Loss on disposal of plant and equipment	0	1,000
Changes in operating assets and liabilities:
Accounts receivable	17,207,000	(27,518,000)
Inventory	(9,061,000)	(10,782,000)
Prepaid expenses and other current assets	(1,232,000)	2,391,000
Other assets	(785,000)	16,000
Accounts payable and accrued liabilities	(20,367,000)	927,000
Customer finished goods returns accrual	(9,275,000)	(4,679,000)
Contract assets	1,482,000	(792,000)
Contract liabilities	2,089,000	9,320,000
Operating lease liabilities	(2,162,000)	(1,863,000)
Other liabilities	(1,163,000)	1,033,000
Net cash used in operating activities	(20,841,000)	(20,470,000)
Cash flows from investing activities:
Purchase of plant and equipment	(490,000)	(40,000)
Purchase of short-term investments	(22,000)	(27,000)
Net cash used in investing activities	(512,000)	(67,000)
Cash flows from financing activities:
Borrowings under revolving loan	42,366,000	26,000,000
Repayments of revolving loan	(26,532,000)	(4,200,000)
Repayments of term loan	0	(938,000)
Payments for debt issuance costs	(15,000)	(418,000)
Payments on finance lease obligations	(472,000)	(492,000)
Cash used to net share settle equity awards	(181,000)	(279,000)
Net cash provided by financing activities	15,166,000	19,673,000
Effect of exchange rate changes on cash and cash equivalents	(256,000)	155,000
Net decrease in cash and cash equivalents	(6,443,000)	(709,000)
Cash and cash equivalents - Beginning of period	13,974,000	11,596,000
Cash and cash equivalents - End of period	7,531,000	10,887,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	12,689,000	10,120,000
Cash paid for income taxes, net of refunds	2,196,000	645,000
Cash paid for operating leases	3,355,000	3,081,000
Cash paid for finance leases	523,000	554,000
Plant and equipment acquired under finance leases	0	31,000
Assets acquired under operating leases	1,815,000	0
Non-cash capital expenditures	19,000	0
Debt issuance costs included in accounts payable and accrued liabilities	0	187,000
Interest paid in-kind	$ 3,209,000	$ 0

Company Background and Organiza

Company Background and Organization	3 Months Ended
	Jun. 30, 2024
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	3 Months Ended
	Jun. 30, 2024
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 months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 11, 2024, and the 10-K/A for the fiscal year ended March 31, 2024 as filed with the SEC on June 28, 2024. 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, 2024. 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	3 Months Ended
	Jun. 30, 2024
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: June 30, 2024 March 31, 2024 Accounts receivable — trade $ 104,734,000 $ 118,500,000 Allowance for credit losses (73,000 ) (189,000 ) Customer payment discrepancies (1,288,000 ) (1,206,000 ) Customer returns RGA issued (24,749,000 ) (20,809,000 ) Total accounts receivable — net $ 78,624,000 $ 96,296,000

Inventory - Net

Inventory - Net	3 Months Ended
	Jun. 30, 2024
Inventory - Net [Abstract]
Inventory - Net	4. Inv entory — Net Inventory — net June 30, 2024 March 31, 2024 Inventory — net Raw materials $ 160,187,000 $ 158,819,000 Work-in-process 10,467,000 7,943,000 Finished goods 230,269,000 227,650,000 400,923,000 394,412,000 Less allowance for excess and obsolete inventory (17,615,000 ) (17,372,000 ) Inventory 383,308,000 377,040,000 Inventory unreturned 19,623,000 20,288,000 Total inventory — net $ 402,931,000 $ 397,328,000

Contract Assets

Contract Assets	3 Months Ended
	Jun. 30, 2024
Contract Assets [Abstract]
Contract Assets	5. Contract Assets During the three months ended June 30, 2024 and 2023, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $394,000 and $778,000, respectively. Contract assets are comprised of the following: June 30, 2024 March 31, 2024 Short-term contract assets Cores expected to be returned by customers $ 15,715,000 $ 15,409,000 Core premiums paid to customers 9,502,000 9,567,000 Upfront payments to customers 1,352,000 1,407,000 Finished goods premiums paid to customers 748,000 756,000 Total short-term contract assets $ 27,317,000 $ 27,139,000 Remanufactured cores held at customers’ locations $ 277,247,000 $ 279,427,000 Core premiums paid to customers 27,914,000 30,227,000 Long-term core inventory deposits 5,569,000 5,569,000 Upfront payments to customers 2,405,000 2,718,000 Finished goods premiums paid to customers 2,328,000 2,341,000 Total long-term contract assets $ 315,463,000 $ 320,282,000

Significant Customer and Other

Significant Customer and Other Information	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024 2023 Net sales Customer A 40 % 34 % Customer C 28 % 28 % Customer B 17 % 20 % Customer D 4 % 5 % 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 18 for a discussion of the Company’s segments. The largest customers accounted for the following percentage of accounts receivable – trade: June 30, 2024 March 31, 2024 Accounts receivable - trade Customer A 38 % 35 % Customer B 18 % 25 % Customer C 12 % 13 % Customer D 10 % 6 % 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 June 30, 2024 2023 Product line Rotating electrical products 65 % 64 % Brake-related products 24 % 22 % Wheel hub products 7 % 11 % Other products 4 % 3 % 100 % 100 % Significant Supplier Concentrations The Company had no suppliers that accounted for more than 10% of inventory purchases for the three months ended June 30, 2024 and 2023.

Debt

Debt	3 Months Ended
	Jun. 30, 2024
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”). The Term Loans were repaid during the year ended March 31, 2024. The Credit Facility matures on December 12, 2028. The lenders have a security interest in substantially all of the assets of the Company. During the three months ended June 30, 2024, the Company enrolled in a feature with its lenders, under which the Company sweeps its cash collections to pay down its revolving facility and borrows on-demand to fund payments. This feature is expected to reduce interest expense on borrowings under the Credit Facility. The Company had $143,834,000 and $128,000,000 outstanding under the Revolving Facility at June 30, 2024 and March 31, 2024, respectively. In addition, $6,370,000 was outstanding for letters of credit at June 30, 2024. At June 30, 2024, after certain contractual adjustments, $82,174,000 was available under the Revolving Facility. The interest rate on the Company’s Revolving Facility was 8.58% and 8.43%, at June 30, 2024 and March 31, 2024, respectively. The Credit Facility requires the Company to maintain a minimum fixed charge coverage ratio if undrawn availability is less than 22.5% of the aggregate revolving commitments and a specified minimum undrawn availability. During the period ended June 30, 2024, undrawn availability was greater than the 22.5% threshold, therefore, the fixed charge coverage ratio financial covenant was not required to be tested. 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. During the three months ended June 30, 2024, non-cash accrued interest on the Convertible Notes of $3,209,000 was paid in-kind and is included in the principal amount of Convertible Notes at June 30, 2024. The Convertible Notes have an initial conversion price of $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. The effective interest rate was 18.3% as of June 30, 2024 and March 31, 2024, respectively. The Company’s Convertible Notes are comprised of the following: June 30, 2024 March 31, 2024 Principal amount of Convertible Notes $ 35,209,000 $ 32,000,000 Less: unamortized debt discount attributed to Compound Net Derivative Liability (7,338,000 ) (7,576,000 ) Less: unamortized debt discount attributed to debt issuance costs (1,025,000 ) (1,058,000 ) Carrying amount of the Convertible Notes 26,846,000 23,366,000 Plus: Compound Net Derivative Liability 4,830,000 7,410,000 Net carrying amount of Convertible Notes, related party $ 31,676,000 $ 30,776,000 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 June 30, 2024 and March 31, 2024. 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 June 30 June 30 June 30 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 June 30 Interest expense related to the Convertible Notes is as follows: Three Months Ended June 30 2024 2023 Contractual interest expense $ 880,000 $ 800,000 Accretion of debt discount 238,000 201,000 Amortization of debt issuance costs 33,000 27,000 Total interest expense $ 1,151,000 $ 1,028,000 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	3 Months Ended
	Jun. 30, 2024
Contract Liabilities [Abstract]
Contract Liabilities	8. Contract Liabilities Contract liabilities are comprised of the following: June 30, 2024 March 31, 2024 Short-term contract liabilities Customer allowances earned $ 23,267,000 $ 19,789,000 Customer core returns accruals 11,040,000 10,448,000 Accrued core payment 3,383,000 3,476,000 Core bank liability 1,753,000 1,739,000 Customer deposits 1,703,000 1,735,000 Finished goods liabilities 358,000 404,000 Total short-term contract liabilities $ 41,504,000 $ 37,591,000 Long-term contract liabilities Customer core returns accruals $ 192,813,000 $ 193,545,000 Core bank liability 11,399,000 11,843,000 Accrued core payment 6,070,000 6,535,000 Finished goods liabilities 96,000 145,000 Total long-term contract liabilities $ 210,378,000 $ 212,068,000

Leases

Leases	3 Months Ended
	Jun. 30, 2024
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 a loss of $5,709,000 and a gain of $3,770,000 during the three months ended June 30, 2024 and 2023, respectively. These amounts are included in foreign exchange impact of lease liabilities and forward contracts in the condensed consolidated statements of operations. Balance sheet information for leases is as follows: Leases Classification June 30, 2024 March 31, 2024 Assets: Operating Operating lease assets $ 77,057,000 $ 83,973,000 Finance Plant and equipment 4,239,000 4,611,000 Total leased assets $ 81,296,000 $ 88,584,000 Liabilities: Current Operating Operating lease liabilities $ 9,083,000 $ 8,319,000 Finance Other current liabilities 1,427,000 1,585,000 Long-term Operating Long-term operating lease liabilities 71,044,000 72,240,000 Finance Other liabilities 1,577,000 1,893,000 Total lease liabilities $ 83,131,000 $ 84,037,000 Lease cost recognized in the condensed consolidated statements of operations is as follows: Three Months Ended June 30, 2024 2023 Lease cost Operating lease cost $ 3,759,000 $ 3,742,000 Short-term lease cost 312,000 293,000 Variable lease cost 164,000 186,000 Finance lease cost: Amortization of finance lease assets 358,000 403,000 Interest on finance lease liabilities 51,000 62,000 Total lease cost $ 4,644,000 $ 4,686,000 Maturities of lease commitments at June 30, 2024 by fiscal year were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2025 $ 10,093,000 $ 1,231,000 $ 11,324,000 2026 13,272,000 1,014,000 14,286,000 2027 11,421,000 523,000 11,944,000 2028 10,929,000 363,000 11,292,000 2029 11,126,000 169,000 11,295,000 Thereafter 43,462,000 - 43,462,000 Total lease payments 100,303,000 3,300,000 103,603,000 Less amount representing interest (20,176,000 ) (296,000 ) (20,472,000 ) Present value of lease liabilities $ 80,127,000 $ 3,004,000 $ 83,131,000 Other information about leases is as follows: June 30, 2024 March 31, 2024 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.7 2.8 Operating leases 8.0 8.3 Weighted-average discount rate: Finance leases 6.5 % 6.4 % Operating leases 5.8 % 5.8 %

Accounts Receivable Discount Pr

Accounts Receivable Discount Programs	3 Months Ended
	Jun. 30, 2024
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: Three Months Ended June 30, 2024 2023 Receivables discounted $ 144,541,000 $ 104,332,000 Weighted average number of days collection was accelerated 342 337 Annualized weighted average discount rate 6.9 % 6.4 % Amount of discount recognized as interest expense $ 9,507,000 $ 6,252,000

Supplier Finance Programs

Supplier Finance Programs	3 Months Ended
	Jun. 30, 2024
Supplier Finance Programs [Abstract]
Supplier Finance Programs	11. Supplier Finance Programs The Company utilizes a supplier finance program, which allows certain of the Company’s suppliers to sell their receivables due from the Company to participating financial institutions at the sole discretion of both the supplier and the financial institutions. The program is administered by a third party. As of June 30, 2024, $15,000,000 of commitments from participating financial institutions are available to suppliers under this program. 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. At June 30, 2024, the Company had $12,773,000 of outstanding supplier obligations confirmed under this program, included in accounts payable

Net Loss per Share

Net Loss per Share	3 Months Ended
	Jun. 30, 2024
Net Loss per Share [Abstract]
Net Loss per Share	12. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, Warrants, and Convertible Notes (as defined in Note 7), which would result in the issuance of incremental shares of common stock to the extent such impact is not anti-dilutive. The following presents a reconciliation of basic and diluted net loss per share: Three Months Ended June 30, 2024 2023 Net loss $ (18,085,000 ) $ (1,410,000 ) Basic shares 19,674,539 19,508,626 Effect of potentially dilutive securities - - Diluted shares 19,674,539 19,508,626 Net loss per share: Basic net loss per share $ (0.92 ) $ (0.07 ) Diluted net loss per share $ (0.92 ) $ (0.07 ) 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 per share. For the three months ended June 30, 2024 and 2023, there were 2,285,834 and 2,067,168, respectively, of potential common shares not included in the calculation of diluted net loss per share because their effect was anti-dilutive. In addition, for the three months ended June 30, 2024 and 2023, there were 2,405,941 and 2,186,667, respectively, of potential common shares not included in the calculation of diluted net loss 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 June 30, 2024, the Warrants were not exercisable.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2024
Income Taxes [Abstract]
Income Taxes	13. Income Taxes The Company recorded an income tax benefit of $178,000, or an effective tax rate of 1.0%, and $9,000, or an effective tax rate of 0.6%, for the three months ended June 30, 2024 and 2023, respectively. The effective tax rate for the three months ended June 30, 2024, was primarily impacted by (i) the change in valuation allowance, (ii) foreign income taxed at rates that are different from the federal statutory rate, and (iii) specific jurisdictions that the Company does not expect to recognize the benefit of losses. 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. Based on this analysis, the Company determined that it is more likely than not that certain deferred tax assets will not be realized. As a result, the Company maintained its valuation allowance. The Company will continue to monitor the need for a valuation allowance in future periods, considering any changes in circumstances that may affect the realizability of deferred tax assets. 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 June 30, 2024, the Company is under examination by the State of California for fiscal years ended March 31, 2020, 2021, and 2022 .

Financial Risk Management and D

Financial Risk Management and Derivatives	3 Months Ended
	Jun. 30, 2024
Financial Risk Management and Derivatives [Abstract]
Financial Risk Management and Derivatives	14. 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 $54,640,000 and at 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: Foreign Exchange Impact of Lease Liabilities and Forward Contracts Three Months Ended Derivatives Not Designated as June 30, Hedging Instruments 2024 2023 (Loss) gain from forward foreign currency exchange contracts $ (5,369,000 ) $ 500,000 The fair value of the forward foreign currency exchange contracts of $2,853,000 is included in other current liabilities in the condensed consolidated balance sheets at June 30, 2024. The fair value of the forward foreign currency exchange contracts of $2,516,000 is included in prepaid expenses and other current assets in the condensed consolidated balance sheets at March 31, 2024. 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 three months ended June 30, 2024 and 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	15. Fair Value Measurements The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy: June 30, 2024 March 31, 2024 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 $ 1,887,000 $ 1,887,000 $ - $ - $ 1,837,000 $ 1,837,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts - - - - 2,516,000 - 2,516,000 - Liabilities Other current liabilities Deferred compensation 1,887,000 1,887,000 - - 1,837,000 1,837,000 - - Forward foreign currency exchange contracts 2,853,000 - 2,853,000 - - - - - Convertible notes, related party Compound Net Derivative Liability 4,830,000 - - 4,830,000 7,410,000 - - 7,410,000 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 14) . 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 June 30, 2024 and March 31, 2024. 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 and condensed consolidated statement of cash flows. The following assumptions were used to determine the fair value of the Compound Net Derivative Liability: June 30, 2024 March 31, 2024 Risk free interest rate 4.41 % 4.36 % Cost of equity 22.90 % 23.20 % Weighted average cost of capital 13.90 % 14.90 % Expected volatility of MPA common stock 50.00 % 50.00 % EBITDA volatility 40.00 % 40.00 % The following summarizes the activity for Level 3 fair value measurements: Three Months Ended June 30, 2024 2023 Beginning balance $ 7,410,000 $ 8,430,000 Changes in fair value of Compound Net Derivative Liability included in earnings (2,580,000 ) 140,000 Ending balance $ 4,830,000 $ 8,570,000 During the three months ended June 30, 2024, 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 June 30, 2024 and March 31, 2024, the net carrying amount of the Convertible Notes was $31,676,000 and $30,776,000, respectively (see Note 7). The estimated fair value of the Company’s Convertible Notes was $34,267,000 and $38,276,000 using Level 3 inputs at June 30, 2024 and March 31, 2024, respectively.

Share-based Payments

Share-based Payments	3 Months Ended
	Jun. 30, 2024
Share-based Payments [Abstract]
Share-based Payments	16. Share-based Payments Stock Options During the three months ended June 30, 2024 and 2023, no options to purchase shares of the Company’s common stock were granted. The following is a summary of stock option transactions: Number of Weighted Average Shares Exercise Price Outstanding at March 31, 2024 1,108,017 $ 20.29 Granted - $ - Exercised - $ - Forfeited/Cancelled (1,383 ) $ 17.29 Expired (36,733 ) $ 22.93 Outstanding at June 30, 2024 1,069,901 $ 20.21 At June 30, 2024, options to purchase 132,133 shares of common stock were unvested at a weighted average exercise price of $9.32. At June 30, 2024, there was $368,000 of total unrecognized compensation expense related to unvested stock option awards, which will be recognized over the weighted average remaining vesting period of approximately 2.2 years. Restricted Stock Units (“RSUs”) During the three months ended June 30, 2024, the Company granted 207,050 of time-based vesting RSUs, based on the closing market price on the grant date. The following is a summary of non-vested RSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024 240,923 $ 12.23 Granted 207,050 $ 6.69 Vested (86,559 ) $ 16.63 Forfeited/Cancelled (762 ) $ 11.04 Outstanding at June 30, 2024 360,652 $ 8.00 At June 30, 2024, there was $2,270,000 of unrecognized compensation expense related to RSUs, which will be recognized over the weighted average remaining vesting period of approximately 2.1 years. Performance Stock Units (“PSUs”) During the three months ended June 30, 2024, the Company granted 155,391 PSUs (at target performance levels), which cliff vest after a three-year performance period, subject to continued employment. The number of shares earned at the end of the three-year performance period will vary, based only on actual performance, from 0% to 150% of the target number of PSUs granted depending on the Company’s total shareholder return (“TSR”) percentile rank relative to that of a peer group over the performance period. TSR is measured based on a comparison of the closing price on the first trading day of the performance period and the average closing price over the last 30 trading days of the performance 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 and companies with a market capitalization of more than $600 million, over a given period of time. During the three months ended June 30, 2023, the Company granted 533,856 PSUs, which vest within a three-year period, subject to continued employment, as follows: (i) if the stock price is greater than or equal to $10.00 per share, then 1/3 1/3 1/3 The Company calculated the fair value of these PSUs individually for each tranche using the Monte Carlo Simulation Model at the grant date. Compensation cost is recognized over the estimated derived service period. Compensation cost related to these awards will not be adjusted even if the market condition is not met. The following table summarizes the assumptions used in determining the fair value of these awards subject to market conditions: Three Months Ended June 30, 2024 2023 Risk free interest rate 4.45 % 4.32 % Expected life in years 3.0 0.8-1.8 Expected volatility of MPA common stock 59.80 % 54.20 % Average correlation coefficient of peer companies 16.50 % - % Expected dividend yield - - Grant date fair value $ 8.65 $ 3.57-5.06 The following is a summary of non-vested PSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024 773,923 $ 7.73 Granted 155,391 $ 8.65 Added by performance factor 10,952 $ 22.27 Vested (32,848 ) $ 22.27 Forfeited/Cancelled (52,137 ) $ 23.27 Outstanding at June 30, 2024 855,281 $ 6.58 At June 30, 2024, there was $ 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	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	17. 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 June 30, 2024 2023 Balance at beginning of period $ 19,326,000 $ 19,830,000 Charged to expense 33,352,000 31,112,000 Amounts processed (37,632,000 ) (34,265,000 ) Balance at end of period $ 15,046,000 $ 16,677,000 At June 30, 2024 and March 31, 2024, the Company’s total warranty return accrual was $15,046,000 and $19,326,000, respectively, of which $5,251,000 and $5,667,000, respectively, was included in the customer returns RGA issued within accounts receivable—net and $9,795,000 and $13,659,000, respectively, was included in the customer finished goods returns accrual in the condensed consolidated balance sheets. 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. The Company has an immaterial amount accrued related to these exposures to various lawsuits and claims.

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2024
Segment Information [Abstract]
Segment Information	18. Segment Information The Company’s three operating segments are as follows: • Hard Parts , which includes (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 , which includes 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 , which includes The Company’s Hard Parts operating segment meets the criteria of a reportable segment. The Test Solutions and Diagnostic Equipment and Heavy Duty segments 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 June 30, 2024 Hard Parts All Other Total Net sales to external customers $ 158,187,000 $ 11,700,000 $ 169,887,000 Intersegment sales 32,000 12,000 44,000 Operating loss (6,459,000 ) (1) (6,000 ) (6,465,000 ) Depreciation and amortization 2,525,000 204,000 2,729,000 Segment assets 989,363,000 55,297,000 1,044,660,000 Capital expenditures 253,000 237,000 490,000 Three Months Ended June 30, 2023 Hard Parts All Other Total Net sales to external customers $ 149,747,000 $ 9,958,000 $ 159,705,000 Intersegment sales 132,000 95,000 227,000 Operating income (loss) 11,506,000 (1) (1,079,000 ) 10,427,000 Depreciation and amortization 2,679,000 354,000 3,033,000 Segment assets 1,063,301,000 52,368,000 1,115,669,000 Capital expenditures 40,000 - 40,000 Three Months Ended June 30, Net sales 2024 2023 Total net sales for reportable segment $ 158,219,000 $ 149,879,000 Other net sales 11,712,000 10,053,000 Elimination of intersegment net sales (44,000 ) (227,000 ) Total consolidated net sales $ 169,887,000 $ 159,705,000 Three Months Ended June 30, Profit or loss 2024 2023 Total operating (loss) income for reportable segment $ (6,459,000 ) $ 11,506,000 Other operating loss (6,000 ) (1,079,000 ) Elimination of intersegment operating income 9,000 14,000 Interest expense, net (14,387,000 ) (11,720,000 ) Change in fair value of compound net derivative liability 2,580,000 (140,000 ) Total consolidated loss before income tax benefit $ (18,263,000 ) $ (1,419,000 ) Assets June 30, 2024 March 31, 2024 Total assets for reportable segment $ 989,363,000 $ 1,019,811,000 Other assets 55,297,000 54,946,000 Elimination of intersegment assets (66,705,000 ) (62,755,000 ) Total consolidated assets $ 977,955,000 $ 1,012,002,000 (1) The operating (loss) income for the Company's Hard Parts segment for the three months ended June 30, 2024 and 2023 includes the foreign exchange impact of lease liabilities and forward contracts, which were a loss of $11,078,000 and a gain of $4,270,000, respectively.

Share Repurchases

Share Repurchases	3 Months Ended
	Jun. 30, 2024
Share Repurchases [Abstract]
Share Repurchases	19. 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 mont

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	20. Related Party Transactions Lease Convertible Note and Election of Director

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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)	3 Months Ended
	Jun. 30, 2024
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 months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 11, 2024, and the 10-K/A for the fiscal year ended March 31, 2024 as filed with the SEC on June 28, 2024. 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, 2024.
Accounting Pronouncements Not Yet Adopted	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)	3 Months Ended
	Jun. 30, 2024
Accounts Receivable - Net [Abstract]
Accounts Receivable	Accounts receivable — net is comprised of the following: June 30, 2024 March 31, 2024 Accounts receivable — trade $ 104,734,000 $ 118,500,000 Allowance for credit losses (73,000 ) (189,000 ) Customer payment discrepancies (1,288,000 ) (1,206,000 ) Customer returns RGA issued (24,749,000 ) (20,809,000 ) Total accounts receivable — net $ 78,624,000 $ 96,296,000

Inventory - Net (Tables)

Inventory - Net (Tables)	3 Months Ended
	Jun. 30, 2024
Inventory - Net [Abstract]
Inventory Net	Inventory — net June 30, 2024 March 31, 2024 Inventory — net Raw materials $ 160,187,000 $ 158,819,000 Work-in-process 10,467,000 7,943,000 Finished goods 230,269,000 227,650,000 400,923,000 394,412,000 Less allowance for excess and obsolete inventory (17,615,000 ) (17,372,000 ) Inventory 383,308,000 377,040,000 Inventory unreturned 19,623,000 20,288,000 Total inventory — net $ 402,931,000 $ 397,328,000

Contract Assets (Tables)

Contract Assets (Tables)	3 Months Ended
	Jun. 30, 2024
Contract Assets [Abstract]
Contract Assets	Contract assets are comprised of the following: June 30, 2024 March 31, 2024 Short-term contract assets Cores expected to be returned by customers $ 15,715,000 $ 15,409,000 Core premiums paid to customers 9,502,000 9,567,000 Upfront payments to customers 1,352,000 1,407,000 Finished goods premiums paid to customers 748,000 756,000 Total short-term contract assets $ 27,317,000 $ 27,139,000 Remanufactured cores held at customers’ locations $ 277,247,000 $ 279,427,000 Core premiums paid to customers 27,914,000 30,227,000 Long-term core inventory deposits 5,569,000 5,569,000 Upfront payments to customers 2,405,000 2,718,000 Finished goods premiums paid to customers 2,328,000 2,341,000 Total long-term contract assets $ 315,463,000 $ 320,282,000

Significant Customer and Othe_2

Significant Customer and Other Information (Tables)	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024 2023 Net sales Customer A 40 % 34 % Customer C 28 % 28 % Customer B 17 % 20 % Customer D 4 % 5 % 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 18 for a discussion of the Company’s segments. The largest customers accounted for the following percentage of accounts receivable – trade: June 30, 2024 March 31, 2024 Accounts receivable - trade Customer A 38 % 35 % Customer B 18 % 25 % Customer C 12 % 13 % Customer D 10 % 6 % 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 June 30, 2024 2023 Product line Rotating electrical products 65 % 64 % Brake-related products 24 % 22 % Wheel hub products 7 % 11 % Other products 4 % 3 % 100 % 100 %

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2024
Debt [Abstract]
Convertible Debt	The Company’s Convertible Notes are comprised of the following: June 30, 2024 March 31, 2024 Principal amount of Convertible Notes $ 35,209,000 $ 32,000,000 Less: unamortized debt discount attributed to Compound Net Derivative Liability (7,338,000 ) (7,576,000 ) Less: unamortized debt discount attributed to debt issuance costs (1,025,000 ) (1,058,000 ) Carrying amount of the Convertible Notes 26,846,000 23,366,000 Plus: Compound Net Derivative Liability 4,830,000 7,410,000 Net carrying amount of Convertible Notes, related party $ 31,676,000 $ 30,776,000
Total Interest Expense Recognized Related to Convertible Notes	Interest expense related to the Convertible Notes is as follows: Three Months Ended June 30 2024 2023 Contractual interest expense $ 880,000 $ 800,000 Accretion of debt discount 238,000 201,000 Amortization of debt issuance costs 33,000 27,000 Total interest expense $ 1,151,000 $ 1,028,000

Contract Liabilities (Tables)

Contract Liabilities (Tables)	3 Months Ended
	Jun. 30, 2024
Contract Liabilities [Abstract]
Contract Liabilities	Contract liabilities are comprised of the following: June 30, 2024 March 31, 2024 Short-term contract liabilities Customer allowances earned $ 23,267,000 $ 19,789,000 Customer core returns accruals 11,040,000 10,448,000 Accrued core payment 3,383,000 3,476,000 Core bank liability 1,753,000 1,739,000 Customer deposits 1,703,000 1,735,000 Finished goods liabilities 358,000 404,000 Total short-term contract liabilities $ 41,504,000 $ 37,591,000 Long-term contract liabilities Customer core returns accruals $ 192,813,000 $ 193,545,000 Core bank liability 11,399,000 11,843,000 Accrued core payment 6,070,000 6,535,000 Finished goods liabilities 96,000 145,000 Total long-term contract liabilities $ 210,378,000 $ 212,068,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Balance Sheet Information for Leases	Balance sheet information for leases is as follows: Leases Classification June 30, 2024 March 31, 2024 Assets: Operating Operating lease assets $ 77,057,000 $ 83,973,000 Finance Plant and equipment 4,239,000 4,611,000 Total leased assets $ 81,296,000 $ 88,584,000 Liabilities: Current Operating Operating lease liabilities $ 9,083,000 $ 8,319,000 Finance Other current liabilities 1,427,000 1,585,000 Long-term Operating Long-term operating lease liabilities 71,044,000 72,240,000 Finance Other liabilities 1,577,000 1,893,000 Total lease liabilities $ 83,131,000 $ 84,037,000
Lease Cost Recognized in Consolidated Statement of Operations	Lease cost recognized in the condensed consolidated statements of operations is as follows: Three Months Ended June 30, 2024 2023 Lease cost Operating lease cost $ 3,759,000 $ 3,742,000 Short-term lease cost 312,000 293,000 Variable lease cost 164,000 186,000 Finance lease cost: Amortization of finance lease assets 358,000 403,000 Interest on finance lease liabilities 51,000 62,000 Total lease cost $ 4,644,000 $ 4,686,000
Maturity of Lease Commitments	Maturities of lease commitments at June 30, 2024 by fiscal year were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2025 $ 10,093,000 $ 1,231,000 $ 11,324,000 2026 13,272,000 1,014,000 14,286,000 2027 11,421,000 523,000 11,944,000 2028 10,929,000 363,000 11,292,000 2029 11,126,000 169,000 11,295,000 Thereafter 43,462,000 - 43,462,000 Total lease payments 100,303,000 3,300,000 103,603,000 Less amount representing interest (20,176,000 ) (296,000 ) (20,472,000 ) Present value of lease liabilities $ 80,127,000 $ 3,004,000 $ 83,131,000
Other Information about Leases	Other information about leases is as follows: June 30, 2024 March 31, 2024 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.7 2.8 Operating leases 8.0 8.3 Weighted-average discount rate: Finance leases 6.5 % 6.4 % Operating leases 5.8 % 5.8 %

Accounts Receivable Discount _2

Accounts Receivable Discount Programs (Tables)	3 Months Ended
	Jun. 30, 2024
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	The following is a summary of accounts receivable discount programs: Three Months Ended June 30, 2024 2023 Receivables discounted $ 144,541,000 $ 104,332,000 Weighted average number of days collection was accelerated 342 337 Annualized weighted average discount rate 6.9 % 6.4 % Amount of discount recognized as interest expense $ 9,507,000 $ 6,252,000

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Jun. 30, 2024
Net Loss per Share [Abstract]
Reconciliation of Basic and Diluted Net Loss Per Share	The following presents a reconciliation of basic and diluted net loss per share: Three Months Ended June 30, 2024 2023 Net loss $ (18,085,000 ) $ (1,410,000 ) Basic shares 19,674,539 19,508,626 Effect of potentially dilutive securities - - Diluted shares 19,674,539 19,508,626 Net loss per share: Basic net loss per share $ (0.92 ) $ (0.07 ) Diluted net loss per share $ (0.92 ) $ (0.07 )

Financial Risk Management and_2

Financial Risk Management and Derivatives (Tables)	3 Months Ended
	Jun. 30, 2024
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: Foreign Exchange Impact of Lease Liabilities and Forward Contracts Three Months Ended Derivatives Not Designated as June 30, Hedging Instruments 2024 2023 (Loss) gain from forward foreign currency exchange contracts $ (5,369,000 ) $ 500,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2024
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: June 30, 2024 March 31, 2024 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 $ 1,887,000 $ 1,887,000 $ - $ - $ 1,837,000 $ 1,837,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts - - - - 2,516,000 - 2,516,000 - Liabilities Other current liabilities Deferred compensation 1,887,000 1,887,000 - - 1,837,000 1,837,000 - - Forward foreign currency exchange contracts 2,853,000 - 2,853,000 - - - - - Convertible notes, related party Compound Net Derivative Liability 4,830,000 - - 4,830,000 7,410,000 - - 7,410,000
Fair Value Assumptions	The following assumptions were used to determine the fair value of the Compound Net Derivative Liability: June 30, 2024 March 31, 2024 Risk free interest rate 4.41 % 4.36 % Cost of equity 22.90 % 23.20 % Weighted average cost of capital 13.90 % 14.90 % Expected volatility of MPA common stock 50.00 % 50.00 % EBITDA volatility 40.00 % 40.00 %
Activity for Level 3 Fair Value Measurements	The following summarizes the activity for Level 3 fair value measurements: Three Months Ended June 30, 2024 2023 Beginning balance $ 7,410,000 $ 8,430,000 Changes in fair value of Compound Net Derivative Liability included in earnings (2,580,000 ) 140,000 Ending balance $ 4,830,000 $ 8,570,000

Share-based Payments (Tables)

Share-based Payments (Tables)	3 Months Ended
	Jun. 30, 2024
Share-based Payments [Abstract]
Stock Option Transactions	The following is a summary of stock option transactions: Number of Weighted Average Shares Exercise Price Outstanding at March 31, 2024 1,108,017 $ 20.29 Granted - $ - Exercised - $ - Forfeited/Cancelled (1,383 ) $ 17.29 Expired (36,733 ) $ 22.93 Outstanding at June 30, 2024 1,069,901 $ 20.21
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, 2024 240,923 $ 12.23 Granted 207,050 $ 6.69 Vested (86,559 ) $ 16.63 Forfeited/Cancelled (762 ) $ 11.04 Outstanding at June 30, 2024 360,652 $ 8.00
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 these awards subject to market conditions: Three Months Ended June 30, 2024 2023 Risk free interest rate 4.45 % 4.32 % Expected life in years 3.0 0.8-1.8 Expected volatility of MPA common stock 59.80 % 54.20 % Average correlation coefficient of peer companies 16.50 % - % Expected dividend yield - - Grant date fair value $ 8.65 $ 3.57-5.06
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, 2024 773,923 $ 7.73 Granted 155,391 $ 8.65 Added by performance factor 10,952 $ 22.27 Vested (32,848 ) $ 22.27 Forfeited/Cancelled (52,137 ) $ 23.27 Outstanding at June 30, 2024 855,281 $ 6.58

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
Changes in Warranty Returns	The following summarizes the changes in the warranty returns: Three Months Ended June 30, 2024 2023 Balance at beginning of period $ 19,326,000 $ 19,830,000 Charged to expense 33,352,000 31,112,000 Amounts processed (37,632,000 ) (34,265,000 ) Balance at end of period $ 15,046,000 $ 16,677,000

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2024
Segment Information [Abstract]
Financial Information Relating to Segments	Financial information relating to the Company’s segments is as follows: Three Months Ended June 30, 2024 Hard Parts All Other Total Net sales to external customers $ 158,187,000 $ 11,700,000 $ 169,887,000 Intersegment sales 32,000 12,000 44,000 Operating loss (6,459,000 ) (1) (6,000 ) (6,465,000 ) Depreciation and amortization 2,525,000 204,000 2,729,000 Segment assets 989,363,000 55,297,000 1,044,660,000 Capital expenditures 253,000 237,000 490,000 Three Months Ended June 30, 2023 Hard Parts All Other Total Net sales to external customers $ 149,747,000 $ 9,958,000 $ 159,705,000 Intersegment sales 132,000 95,000 227,000 Operating income (loss) 11,506,000 (1) (1,079,000 ) 10,427,000 Depreciation and amortization 2,679,000 354,000 3,033,000 Segment assets 1,063,301,000 52,368,000 1,115,669,000 Capital expenditures 40,000 - 40,000 Three Months Ended June 30, Net sales 2024 2023 Total net sales for reportable segment $ 158,219,000 $ 149,879,000 Other net sales 11,712,000 10,053,000 Elimination of intersegment net sales (44,000 ) (227,000 ) Total consolidated net sales $ 169,887,000 $ 159,705,000 Three Months Ended June 30, Profit or loss 2024 2023 Total operating (loss) income for reportable segment $ (6,459,000 ) $ 11,506,000 Other operating loss (6,000 ) (1,079,000 ) Elimination of intersegment operating income 9,000 14,000 Interest expense, net (14,387,000 ) (11,720,000 ) Change in fair value of compound net derivative liability 2,580,000 (140,000 ) Total consolidated loss before income tax benefit $ (18,263,000 ) $ (1,419,000 ) Assets June 30, 2024 March 31, 2024 Total assets for reportable segment $ 989,363,000 $ 1,019,811,000 Other assets 55,297,000 54,946,000 Elimination of intersegment assets (66,705,000 ) (62,755,000 ) Total consolidated assets $ 977,955,000 $ 1,012,002,000 (1) The operating (loss) income for the Company's Hard Parts segment for the three months ended June 30, 2024 and 2023 includes the foreign exchange impact of lease liabilities and forward contracts, which were a loss of $11,078,000 and a gain of $4,270,000, respectively.

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Components of accounts receivable [Abstract]
Accounts receivable - trade	$ 104,734,000	$ 118,500,000
Allowance for credit losses	(73,000)	(189,000)
Customer payment discrepancies	(1,288,000)	(1,206,000)
Customer returns RGA issued	(24,749,000)	(20,809,000)
Total accounts receivable - net	$ 78,624,000	$ 96,296,000

Inventory - Net (Details)

Inventory - Net (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Inventory - net [Abstract]
Raw materials	$ 160,187,000	$ 158,819,000
Work-in-process	10,467,000	7,943,000
Finished goods	230,269,000	227,650,000
Inventory, gross	400,923,000	394,412,000
Less allowance for excess and obsolete inventory	(17,615,000)	(17,372,000)
Inventory	383,308,000	377,040,000
Inventory unreturned	19,623,000	20,288,000
Total Inventory - net	$ 402,931,000	$ 397,328,000

Contract Assets (Details)

Contract Assets (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Contract Assets [Abstract]
Long-term contract assets, write-down	$ 394,000	$ 778,000
Short-term contract assets [Abstract]
Cores expected to be returned by customers	15,715,000		$ 15,409,000
Core premiums paid to customers	9,502,000		9,567,000
Upfront payments to customers	1,352,000		1,407,000
Finished goods premiums paid to customers	748,000		756,000
Total short-term contract assets	27,317,000		27,139,000
Long-term contract assets [Abstract]
Remanufactured cores held at customers' locations	277,247,000		279,427,000
Core premiums paid to customers	27,914,000		30,227,000
Long-term core inventory deposits	5,569,000		5,569,000
Upfront payments to customers	2,405,000		2,718,000
Finished goods premiums paid to customers	2,328,000		2,341,000
Total long-term contract assets	$ 315,463,000		$ 320,282,000

Significant Customer and Othe_3

Significant Customer and Other Information (Details)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023
Net Sales [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	40%		34%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	28%		28%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	17%		20%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%		5%
Net Sales [Member] | Product Concentration Risk [Member]
Concentration Risk [Abstract]
Concentration risk percentage	100%		100%
Net Sales [Member] | Product Concentration Risk [Member] | Rotating Electrical Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	65%		64%
Net Sales [Member] | Product Concentration Risk [Member] | Brake-Related Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	24%		22%
Net Sales [Member] | Product Concentration Risk [Member] | Wheel Hub Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	7%		11%
Net Sales [Member] | Product Concentration Risk [Member] | Other Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%		3%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	38%	35%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	12%	13%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	18%	25%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage	10%	6%

Debt, Revolving Facility and Te

Debt, Revolving Facility and Term loans (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Revolving Facility [Member]
Amended Credit Facility [Abstract]
Interest rate at end of period	8.58%	8.43%
Revolving Facility [Member] | Letters of Credit [Member]
Amended Credit Facility [Abstract]
Outstanding balance under revolving loan	$ 6,370,000
Credit Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 268,620,000
Debt instrument, maturity date	Dec. 12, 2028
Percentage of aggregate revolving commitments	22.50%
Credit Facility [Member] | Revolving Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 238,620,000
Outstanding balance under revolving loan	143,834,000	$ 128,000,000
Amount available under revolving facility	82,174,000
Credit Facility [Member] | Term Loans [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 30,000,000

Debt, Convertible Notes (Detail

Debt, Convertible Notes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Convertible Notes [Abstract]
Net carrying amount of Convertible Notes, related party	$ 31,676,000		$ 30,776,000
Interest paid in-kind	$ 3,209,000	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	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
Change in fair value of compound net derivative liability	$ 2,580,000	(140,000)
Interest Expense [Abstract]
Contractual interest expense	880,000	800,000
Amortization of debt issuance costs	537,000	464,000
Convertible Notes [Member]
Convertible Notes [Abstract]
Principal amount of Convertible Notes	35,209,000		$ 32,000,000	$ 32,000,000
Less: unamortized debt discount attributed to Compound Net Derivative Liability	(7,338,000)		(7,576,000)
Less: unamortized debt discount attributed to debt issuance costs	(1,025,000)		(1,058,000)
Carrying amount of the Convertible Notes	26,846,000		23,366,000
Plus: Compound Net Derivative Liability	4,830,000		7,410,000
Net carrying amount of Convertible Notes, related party	$ 31,676,000		$ 30,776,000
Interest rate	18.30%		18.30%	10%
Interest paid in-kind	$ 3,209,000
Conversion price (in dollars per share)	$ 15
Warrants maturity date	Mar. 30, 2029
Warrants fair value	$ 0		$ 0
Derivative liability	5,800,000		9,800,000
Derivative assets	970,000		$ 2,390,000
Change in fair value of compound net derivative liability	2,580,000	(140,000)
Interest Expense [Abstract]
Contractual interest expense	880,000	800,000
Accretion of debt discount	238,000	201,000
Amortization of debt issuance costs	33,000	27,000
Total interest expense	1,151,000	$ 1,028,000
Convertible Notes Principal plus interest, Fiscal Year Future payment [Abstract]
Total payments	$ 56,704,000

Contract Liabilities (Details)

Contract Liabilities (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Short-term contract liabilities [Abstract]
Customer allowances earned	$ 23,267,000	$ 19,789,000
Customer core returns accruals	11,040,000	10,448,000
Accrued core payment	3,383,000	3,476,000
Core bank liability	1,753,000	1,739,000
Customer deposits	1,703,000	1,735,000
Finished goods liabilities	358,000	404,000
Total short-term contract liabilities	41,504,000	37,591,000
Long-term contract liabilities [Abstract]
Customer core returns accruals	192,813,000	193,545,000
Core bank liability	11,399,000	11,843,000
Accrued core payment	6,070,000	6,535,000
Finished goods liabilities	96,000	145,000
Total long-term contract liabilities	$ 210,378,000	$ 212,068,000

Leases, General Information (De

Leases, General Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
(Loss) gain in foreign currency-denominated lease liabilities	$ (5,709,000)	$ 3,770,000

Leases, Balance Sheet Informati

Leases, Balance Sheet Information (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Assets [Abstract]
Operating, Operating lease assets	$ 77,057,000	$ 83,973,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating, Operating lease assets	Operating, Operating lease assets
Finance, Plant and equipment	$ 4,239,000	$ 4,611,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plant and equipment - net	Plant and equipment - net
Total leased assets	$ 81,296,000	$ 88,584,000
Current [Abstract]
Operating, Operating lease liabilities	$ 9,083,000	$ 8,319,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating, Operating lease liabilities	Operating, Operating lease liabilities
Finance, Other current liabilities	$ 1,427,000	$ 1,585,000
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	$ 71,044,000	$ 72,240,000
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	$ 1,577,000	$ 1,893,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 83,131,000	$ 84,037,000

Leases, Cost Recognized in Cons

Leases, Cost Recognized in Consolidated Statements of Income (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lease cost [Abstract]
Operating lease cost	$ 3,759,000	$ 3,742,000
Short-term lease cost	312,000	293,000
Variable lease cost	164,000	186,000
Finance lease cost [Abstract]
Amortization of finance lease assets	358,000	403,000
Interest on finance lease liabilities	51,000	62,000
Total lease cost	$ 4,644,000	$ 4,686,000

Leases, Maturities of Lease Com

Leases, Maturities of Lease Commitments (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Operating Leases [Abstract]
2025 - remaining nine months	$ 10,093,000
2026	13,272,000
2027	11,421,000
2028	10,929,000
2029	11,126,000
Thereafter	43,462,000
Total lease payments	100,303,000
Less amount representing interest	(20,176,000)
Present value of lease liabilities	80,127,000
Finance Leases [Abstract]
2025 - remaining nine months	1,231,000
2026	1,014,000
2027	523,000
2028	363,000
2029	169,000
Thereafter	0
Total lease payments	3,300,000
Less amount representing interest	(296,000)
Present value of lease liabilities	3,004,000
Total [Abstract]
2025 - remaining nine months	11,324,000
2026	14,286,000
2027	11,944,000
2028	11,292,000
2029	11,295,000
Thereafter	43,462,000
Total lease payments	103,603,000
Less amount representing interest	(20,472,000)
Present value of lease liabilities	$ 83,131,000	$ 84,037,000

Leases, Other Information (Deta

Leases, Other Information (Details)	Jun. 30, 2024	Mar. 31, 2024
Weighted-average remaining lease term (years) [Abstract]
Finance leases	2 years 8 months 12 days	2 years 9 months 18 days
Operating leases	8 years	8 years 3 months 18 days
Weighted-average discount rate [Abstract]
Finance leases	6.50%	6.40%
Operating leases	5.80%	5.80%

Accounts Receivable Discount _3

Accounts Receivable Discount Programs (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 144,541,000	$ 104,332,000
Weighted average number of days collection was accelerated	342 days	337 days
Annualized weighted average discount rate	6.90%	6.40%
Amount of discount recognized as interest expense	$ 9,507,000	$ 6,252,000

Supplier Finance Programs (Deta

Supplier Finance Programs (Details)	Jun. 30, 2024 USD ($)
Supplier Finance Programs [Abstract]
Amount available under program	$ 15,000,000
Outstanding supplier obligations	$ 12,773,000
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of basic and diluted net loss per share [Abstract]
Net loss	$ (18,085,000)	$ (1,410,000)
Basic shares (in shares)	19,674,539	19,508,626
Effect of potentially dilutive securities (in shares)	0	0
Diluted shares (in shares)	19,674,539	19,508,626
Net loss per share, Basic [Abstract]
Basic net loss per share (in dollars per share)	$ (0.92)	$ (0.07)
Net loss per share, Diluted [Abstract]
Diluted net loss per share (in dollars per share)	$ (0.92)	$ (0.07)
Potential Common Shares [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	2,285,834	2,067,168
Convertible Notes [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	2,405,941	2,186,667

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Abstract]
Income tax expense (benefit)	$ (178,000)	$ (9,000)
Effective income tax rate	1%	0.60%
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
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts included in other current liabilities	$ 2,853,000
Forward foreign currency exchange contracts included in prepaid and other current assets			$ 2,516,000
(Loss) Gain from Forward Foreign Currency Exchange Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Notional amount of foreign currency derivatives	54,640,000		$ 54,092,000
(Loss) Gain from Forward Foreign Currency Exchange Contracts [Member] | Foreign Exchange Impact of Lease Liabilities and Forward Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
(Loss) gain from forward foreign currency exchange contracts	$ (5,369,000)	$ 500,000
(Loss) Gain from 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
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 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	$ 31,676,000		$ 30,776,000
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	7,410,000	$ 8,430,000
Changes in fair value of Compound Net Derivative Liability included in earnings	(2,580,000)	140,000
Ending balance	4,830,000	$ 8,570,000
Net carrying amount of convertible notes	$ 31,676,000		$ 30,776,000
Compound Net Derivative Liability [Member] | Risk Free Interest Rate [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.0441		0.0436
Compound Net Derivative Liability [Member] | Cost of Equity [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.229		0.232
Compound Net Derivative Liability [Member] | Weighted Average Cost of Capital [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.139		0.149
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
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
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	$ 34,267,000		$ 38,276,000
Recurring [Member]
Short-term investments [Abstract]
Mutual funds	1,887,000		1,837,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0		2,516,000
Other current liabilities [Abstract]
Deferred compensation	1,887,000		1,837,000
Forward foreign currency exchange contracts	2,853,000		0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	4,830,000		7,410,000
Recurring [Member] | Level 1 [Member]
Short-term investments [Abstract]
Mutual funds	1,887,000		1,837,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0		0
Other current liabilities [Abstract]
Deferred compensation	1,887,000		1,837,000
Forward foreign currency exchange contracts	0		0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	0		0
Recurring [Member] | Level 2 [Member]
Short-term investments [Abstract]
Mutual funds	0		0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0		2,516,000
Other current liabilities [Abstract]
Deferred compensation	0		0
Forward foreign currency exchange contracts	2,853,000		0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	0		0
Recurring [Member] | Level 3 [Member]
Short-term investments [Abstract]
Mutual funds	0		0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0		0
Other current liabilities [Abstract]
Deferred compensation	0		0
Forward foreign currency exchange contracts	0		0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	$ 4,830,000		$ 7,410,000

Share-based Payments, Stock Opt

Share-based Payments, Stock Options Activity (Details) - Stock Options [Member] - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	1,108,017
Granted (in shares)	0	0
Exercised (in shares)	0
Forfeited/Cancelled (in shares)	(1,383)
Expired (in shares)	(36,733)
Outstanding at end of period (in shares)	1,069,901
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 20.29
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited/Cancelled (in dollars per share)	17.29
Expired (in dollars per share)	22.93
Outstanding at end of period (in dollars per share)	$ 20.21
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	$ 368,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	2 years 2 months 12 days

Share-based Payments, Restricte

Share-based Payments, Restricted Stock Units (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock [Member]
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	240,923
Granted (in shares)	207,050
Vested (in shares)	(86,559)
Forfeited/Cancelled (in shares)	(762)
Non-vested at end of period (in shares)	360,652
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 12.23
Granted (in dollars per share)	6.69
Vested (in dollars per share)	16.63
Forfeited/Cancelled (in dollars per share)	11.04
Non-vested at end of period (in dollars per share)	$ 8
Total unrecognized compensation expense	$ 2,270,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	2 years 1 month 6 days
Restricted Stock, Time-based [Member]
Number of Shares [Roll Forward]
Granted (in shares)		0

Share-based Payments, Performan

Share-based Payments, Performance Stock Units (Details) - Performance Stock Units [Member]	3 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 d $ / shares shares
Performance Stock Units ("PSUs") [Abstract]
Number of trading days | d		30
Vesting period	3 years	3 years
Monte Carlo valuation model assumptions used in determining the fair value of the TSR awards [Abstract]
Risk free interest rate	4.45%	4.32%
Expected life in years	3 years
Expected volatility of MPA common stock	59.80%	54.20%
Average correlation coefficient of peer companies	16.50%	0%
Expected dividend yield	0%	0%
Grant date fair value (in dollars per share)	$ 8.65
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) | shares	773,923
Granted (in shares) | shares	155,391	533,856
Added by performance factor (in shares) | shares	10,952
Vested (in shares) | shares	(32,848)
Forfeited/Cancelled (in shares) | shares	(52,137)
Non-vested at end of period (in shares) | shares	855,281
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 7.73
Granted (in dollars per share)	8.65
Added by performance factor (in dollars per share)	22.27
Vested (in dollars per share)	22.27
Forfeited/Cancelled (in dollars per share)	23.27
Non-vested at end of period (in dollars per share)	$ 6.58
Total unrecognized compensation expense | $	$ 2,280,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	2 years 1 month 6 days
Market capitalization | $	$ 600,000,000
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]
Expected life in years		9 months 18 days
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]
Expected life in years		1 year 9 months 18 days
Grant date fair value (in dollars per share)		$ 5.06
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
	Jun. 30, 2024	Jun. 30, 2023
Change in warranty returns [Roll Forward]
Balance at beginning of period	$ 19,326,000	$ 19,830,000
Charged to expense	33,352,000	31,112,000
Amounts processed	(37,632,000)	(34,265,000)
Balance at end of period	15,046,000	$ 16,677,000
Customer Returns RGA Issued [Member]
Change in warranty returns [Roll Forward]
Balance at beginning of period	5,667,000
Balance at end of period	5,251,000
Customer Finished Goods Returns Accrual [Member]
Change in warranty returns [Roll Forward]
Balance at beginning of period	13,659,000
Balance at end of period	$ 9,795,000

Segment Information (Details)

Segment Information (Details)		3 Months Ended
		Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Segment Information [Abstract]
Number of operating segments | Segment		3
Selected Financial Data [Abstract]
Net sales		$ 169,887,000	$ 159,705,000
Operating income (loss)		(6,456,000)	10,441,000
Segment assets		977,955,000		$ 1,012,002,000
Interest expense, net		(14,387,000)	(11,720,000)
Change in fair value of compound net derivative liability		2,580,000	(140,000)
Loss before income tax benefit		(18,263,000)	(1,419,000)
Foreign exchange impact of lease liabilities and forward contracts		(11,078,000)	4,270,000
Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales		158,187,000	149,747,000
All Other [Member]
Selected Financial Data [Abstract]
Net sales		11,700,000	9,958,000
Operating Segments [Member]
Selected Financial Data [Abstract]
Operating income (loss)		(6,465,000)	10,427,000
Depreciation and amortization		2,729,000	3,033,000
Segment assets		1,044,660,000	1,115,669,000
Capital expenditures		490,000	40,000
Operating Segments [Member] | Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales		158,219,000	149,879,000
Operating income (loss)	[1]	(6,459,000)	11,506,000
Depreciation and amortization		2,525,000	2,679,000
Segment assets		989,363,000	1,063,301,000	1,019,811,000
Capital expenditures		253,000	40,000
Foreign exchange impact of lease liabilities and forward contracts		(11,078,000)	4,270,000
Operating Segments [Member] | All Other [Member]
Selected Financial Data [Abstract]
Net sales		11,712,000	10,053,000
Operating income (loss)		(6,000)	(1,079,000)
Depreciation and amortization		204,000	354,000
Segment assets		55,297,000	52,368,000	54,946,000
Capital expenditures		237,000	0
Intersegment Sales [Member]
Selected Financial Data [Abstract]
Net sales		(44,000)	(227,000)
Operating income (loss)		9,000	14,000
Segment assets		(66,705,000)		$ (62,755,000)
Intersegment Sales [Member] | Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales		(32,000)	(132,000)
Intersegment Sales [Member] | All Other [Member]
Selected Financial Data [Abstract]
Net sales		$ (12,000)	$ (95,000)
[1]The operating (loss) income for the Company's Hard Parts segment for the three months ended June 30, 2024 and 2023 includes the foreign exchange impact of lease liabilities and forward contracts, which were a loss of $11,078,000 and a gain of $4,270,000, respectively.

Share Repurchases (Details)

Share Repurchases (Details) - Common Stock [Member] - USD ($)	3 Months Ended
	Jun. 30, 2024	Aug. 31, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, approved amount	$ 37,000,000	$ 20,000,000
Repurchase of shares (in shares)	0
Shares utilized, amount	$ 18,745,000
Shares available for repurchase, amount	$ 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
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) ft²
Operating Lease [Abstract]
Area of facility | ft²			35,000
Initial lease term	1 year
Base rent			$ 27,000
Lease renewal term	4 years
Lease additional renewal term	1 year
Rent expenses	$ 81,000	$ 81,000