XML 19 R6.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:      
Net earnings $ 69,082 $ 63,192 $ 55,122
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Depreciation and amortization 19,156 18,639 15,827
Reserve for credit losses 1,004 170 333
Share-based compensation expense 7,954 7,243 6,464
Deferred taxes (2,185) 3,280 (44)
Payments from lessees directly to lenders-operating leases (70) (156) (1,445)
Gain on disposal of property, equipment, and leased equipment (814) (2,027) (8,694)
Gain on sale of financing receivables 0 (9,077) (6,796)
Other 0 0 65
Changes in:      
Accounts receivable (64,388) (34,306) 6,582
Inventories-net 115 (10,929) 54,982
Financing receivables-net (109,355) (7,883) (8,537)
Deferred costs and other assets (20,982) 5,412 (16,241)
Accounts payable-trade (8,884) 12,456 258
Salaries and commissions payable, deferred revenue and other liabilities 35,193 (6,603) (15,110)
Net cash provided by (used in) operating activities (74,174) 39,411 82,766
Cash flows from investing activities:      
Proceeds from sale of property, equipment and leased equipment 1,705 3,619 14,403
Purchases of property, equipment and operating lease equipment (7,009) (11,629) (7,590)
Purchases of assets to be leased or financed 0 (10,368) (6,378)
Issuance of financing receivables 0 (175,410) (170,666)
Repayments of financing receivables 0 73,942 78,047
Proceeds from sale of financing receivables 0 73,405 72,225
Cash used in acquisitions, net of cash acquired (15,035) (49,764) (37,718)
Net cash used in investing activities (20,339) (96,205) (57,677)
Cash flows from financing activities:      
Borrowings of non-recourse and recourse notes payable 141,369 83,924 72,389
Repayments of non-recourse and recourse notes payable (31,880) (43,054) (31,302)
Repurchase of common stock (14,425) (18,754) (35,245)
Repayments of financing of acquisitions (5,763) (7,634) (2,104)
Net borrowings (repayments) on floor plan facility 11,333 3,974 (20,503)
Net cash provided by (used in) financing activities 100,634 18,456 (16,765)
Effect of exchange rate changes on cash 294 (44) 114
Net increase (decrease) in cash and cash equivalents 6,415 (38,382) 8,438
Cash and cash equivalents, beginning of period 79,816 118,198 109,760
Cash and cash equivalents, end of period 86,231 79,816 118,198
Supplemental disclosures of cash flow information:      
Cash paid for interest 2,260 1,862 602
Cash paid for income taxes 28,356 19,938 32,134
Cash paid for amounts included in the measurement of lease liabilities 5,613 0 0
Schedule of non-cash investing and financing activities:      
Proceeds from sale of property, equipment, and leased equipment 0 520 591
Purchases of property, equipment, and operating lease equipment (329) (1,874) (290)
Purchases of assets to be leased or financed 0 (13,663) (5,089)
Issuance of financing receivables 0 (119,024) (132,982)
Repayments of financing receivables 0 0 13,018
Proceeds from sale of financing receivables 0 142,418 143,956
Consideration for acquisitions (241) (257) (12,050)
Borrowing of non-recourse and recourse notes payable 114,439 75,164 16,066
Repayments of non-recourse and recourse notes payable (70) (156) (19,372)
Vesting of share-based compensation 8,990 12,816 12,037
Repurchase of common stock 0 0 (771)
New operating lease assets obtained in exchange for lease obligations $ 6,035 $ 0 $ 0