9.
Accrued expenses and other liabilities
Accrued
expenses comprise the following (in thousands):
Schedule
of accrued expenses
| | |
2023 | | |
2024 | |
| | |
As of March 31, | |
| | |
2023 | | |
2024 | |
| Current: | |
| | | |
| | |
| Product warranties | |
$ | 317 | | |
$ | 332 | |
| Maintenance | |
| 430 | | |
| 145 | |
| Employee-related accruals | |
| 3,392 | | |
| 3,269 | |
| Bonus and incentives | |
| 3,344 | | |
| 3,952 | |
| Lease liabilities | |
| 688 | | |
| 859 | |
| Accrued commissions | |
| 3,675 | | |
| 4,338 | |
| Loss contingency (1) | |
| 474 | | |
| — | |
| Value added tax payables | |
| 1,239 | | |
| 886 | |
| Post-acquisition support
and hardware payable (1) | |
| 2,265 | | |
| 1,617 | |
| Other accruals | |
| 5,662 | | |
| 4,712 | |
| Total current | |
$ | 21,486 | | |
$ | 20,110 | |
| | |
| | | |
| | |
| Non-current: | |
| | | |
| | |
| Lease liabilities | |
$ | 2,966 | | |
$ | 2,852 | |
| Other liabilities | |
| 402 | | |
| 484 | |
| Total non-current | |
$ | 3,368 | | |
$ | 3,336 | |
| (1) |
| Relates
to the acquisition of Trimble’s FSM business, including the remaining purchase consideration
that has been agreed. |
Product
warranties
The
Company provides warranties on certain products and undertakes to repair or replace items that fail to perform satisfactorily. Management
estimates the related provision for future warranty claims based on historical warranty claim information, the product lifetime, as well
as recent trends that might suggest that past cost information may differ from future claims. The table below provides details of the
movement in the accrual in thousands:
Schedule
of product warranties
| | |
2023 | | |
2024 | |
| | |
As of March 31, | |
| | |
2023 | | |
2024 | |
| Product warranties | |
| | | |
| | |
| Opening balance | |
$ | 683 | | |
$ | 359 | |
| Warranty expense | |
| 147 | | |
| 5 | |
| Reclassification (1) | |
| (261 | ) | |
| — | |
| Utilized | |
| (154 | ) | |
| (1 | ) |
| Acquisition (2) | |
| 41 | | |
| — | |
| Foreign currency translation difference | |
| (97 | ) | |
| (7 | ) |
| Balance as of March 31 | |
$ | 359 | | |
$ | 356 | |
| Non-current portion (included in other liabilities) | |
$ | 42 | | |
$ | 24 | |
| Current portion | |
$ | 317 | | |
$ | 332 | |
| (1) |
| Relates
to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. |
| (2) |
| Relates
to the acquisition of Trimble’s FSM business. |
|