XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 4,544,000 $ 12,172,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 6,364,000 5,233,000
Amortization of interest 856,000 767,000
Amortization of core premiums paid to customers 5,543,000 2,741,000
Amortization of finished goods premiums paid to customers 324,000 0
Noncash lease expense 3,656,000 3,410,000
Loss (gain) due to the change in the fair value of the contingent consideration 70,000 (65,000)
Foreign exchange impact of lease liabilities and forward contracts 1,384,000 (8,802,000)
Gain on short-term investments (175,000) (195,000)
Net provision for inventory reserves 6,305,000 5,281,000
Net provision for customer payment discrepancies and credit losses 961,000 421,000
Deferred income taxes (434,000) 447,000
Share-based compensation expense 3,427,000 2,261,000
Loss on disposal of plant and equipment 34,000 1,000
Change in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 1,403,000 661,000
Inventory (34,185,000) (9,685,000)
Prepaid expenses and other current assets (859,000) 1,200,000
Other assets 108,000 297,000
Accounts payable and accrued liabilities (21,512,000) 22,745,000
Customer finished goods returns accrual 3,005,000 2,217,000
Contract assets, net (47,006,000) (10,735,000)
Contract liabilities, net 45,087,000 14,368,000
Operating lease liabilities (2,701,000) (3,027,000)
Other liabilities (538,000) (2,383,000)
Net cash (used in) provided by operating activities (24,339,000) 39,330,000
Cash flows from investing activities:    
Purchase of plant and equipment (3,238,000) (6,810,000)
Change in short-term investments (245,000) (192,000)
Net cash used in investing activities (3,483,000) (7,002,000)
Cash flows from financing activities:    
Borrowings under revolving loan 57,000,000 0
Repayments of revolving loan (21,000,000) (58,000,000)
Repayments of term loan (1,875,000) (1,875,000)
Payments for debt issuance costs (1,102,000) 0
Payments on finance lease obligations (1,427,000) (1,183,000)
Exercise of stock options 432,000 93,000
Cash used to net share settle equity awards (1,745,000) (347,000)
Net cash provided by (used in) financing activities 30,283,000 (61,312,000)
Effect of exchange rate changes on cash and cash equivalents (73,000) 255,000
Net increase (decrease) in cash and cash equivalents 2,388,000 (28,729,000)
Cash and cash equivalents - Beginning of period 15,523,000 49,616,000
Cash and cash equivalents - End of period 17,911,000 20,887,000
Supplemental disclosures of cash flow information:    
Cash paid for interest, net 6,654,000 7,339,000
Cash paid for income taxes, net of refunds 4,525,000 1,436,000
Cash paid for operating leases 5,207,000 5,323,000
Cash paid for finance leases 1,613,000 1,359,000
Plant and equipment acquired under finance leases 252,000 1,847,000
Assets acquired under operating leases 15,953,000 15,564,000
Non-cash capital expenditures $ 198,000 $ 2,085,000