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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Jun. 30, 2018
Operating activities:          
Net income $ 22,203 $ 16,796 $ 49,216 $ 17,626  
Adjustments to reconcile net income to net cash provided by operating activities:          
Non-cash compensation expense     1,866 1,410  
Non-cash compensation to directors     606 622  
Depreciation and amortization     11,483 9,005  
Amortization of deferred financing costs     282 1,138  
Deferred income taxes     5,252 48,436  
Adjustment to tax receivable agreement liability     (707) (27,702)  
Other items, net     114 (349)  
Change in operating assets and liabilities, net of effects of acquisitions:          
Trade receivables     (14,067) (9,485)  
Inventories     (21,592) (5,625)  
Prepaid expenses and other assets     (1,234) (1,455)  
Accounts payable     7,780 6,839  
Income taxes receivable and payable     (350) 2,846  
Accrued expenses and other liabilities     7,762 3,664  
Net cash provided by operating activities     46,411 46,970  
Investing activities:          
Purchases of property, plant and equipment     (10,728) (8,146)  
Payment for acquisition, net of cash acquired     (100,073) (125,552)  
Net cash used in investing activities     (110,801) (133,698)  
Financing activities:          
Principal payments on long-term borrowings     0 (50,000)  
Proceeds from long-term borrowings     0 105,000  
Proceeds from revolving credit facility     55,000 0  
Payments on revolving credit facility     (35,000) 0  
Payment of deferred financing costs     0 (1,148)  
Proceeds from issuance of Class A Common Stock in offering, net of underwriting discounts     0 55,317  
Payments of costs directly associated with offering     0 (650)  
Proceeds received from exercise of stock option     749 0  
Cash paid for withholding taxes on vested restricted stock     (1,190) (543)  
Distributions to LLC Unit holders     (1,228) (940)  
Net cash provided by financing activities     18,331 107,036  
Effect of exchange rate changes on cash     (75) 26  
Changes in cash     (46,134) 20,334  
Cash—Beginning of period     61,623 32,822 $ 32,822
Cash—End of period $ 15,489 $ 53,156 15,489 53,156 $ 61,623
Supplemental cash flow information:          
Cash paid for interest     4,302 3,130  
Cash paid for income taxes     8,877 4,185  
Non-cash investing and financing activities:          
Establishment of deferred tax assets from step-up in tax basis     3,321 2,734  
Establishment of amounts payable under tax receivable agreements     2,676 1,484  
Exchange of LLC Units by LLC Unit holders for Class A common stock     1,136 806  
Tax distributions payable to non-controlling LLC Unit holders     559 686  
Capital expenditures in accounts payable     $ 711 $ 640