XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 861,000 $ (3,012,000)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,145,000 2,551,000
Amortization of interest 414,000 312,000
Amortization of core premiums paid to customers 2,531,000 1,223,000
Amortization of finished goods premiums paid to customers 146,000 0
Noncash lease expense 1,791,000 1,686,000
Gain due to the change in the fair value of the contingent consideration (60,000) (47,000)
Foreign exchange impact of lease liabilities and forward contracts (2,533,000) (4,817,000)
Gain on short-term investments (5,000) (155,000)
Net provision for inventory reserves 3,141,000 2,074,000
Net provision for customer payment discrepancies and credit losses 229,000 30,000
Deferred income taxes 358,000 465,000
Share-based compensation expense 1,576,000 1,043,000
Loss on disposal of plant and equipment 33,000 0
Change in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 9,020,000 25,847,000
Inventory (20,625,000) (8,034,000)
Prepaid expenses and other current assets 281,000 (2,898,000)
Other assets 297,000 219,000
Accounts payable and accrued liabilities (10,183,000) 6,478,000
Customer finished goods returns accrual 3,698,000 1,621,000
Contract assets, net (24,857,000) (6,076,000)
Contract liabilities, net 27,880,000 4,620,000
Operating lease liabilities (1,259,000) (1,416,000)
Other liabilities (618,000) 674,000
Net cash (used in) provided by operating activities (4,739,000) 22,388,000
Cash flows from investing activities:    
Purchase of plant and equipment (1,922,000) (2,983,000)
Change in short-term investments (167,000) (55,000)
Net cash used in investing activities (2,089,000) (3,038,000)
Cash flows from financing activities:    
Borrowings under revolving loan 32,000,000 0
Repayments of revolving loan (13,000,000) (40,000,000)
Repayments of term loan (938,000) (938,000)
Payments for debt issuance costs (1,102,000) 0
Payments on finance lease obligations (678,000) (549,000)
Exercise of stock options 354,000 20,000
Cash used to net share settle equity awards (542,000) (207,000)
Net cash provided by (used in) financing activities 16,094,000 (41,674,000)
Effect of exchange rate changes on cash and cash equivalents 94,000 172,000
Net increase (decrease) in cash and cash equivalents 9,360,000 (22,152,000)
Cash and cash equivalents - Beginning of year 15,523,000 49,616,000
Cash and cash equivalents - End of year 24,883,000 27,464,000
Supplemental disclosures of cash flow information:    
Cash paid for interest, net 3,521,000 4,234,000
Cash paid for income taxes, net of refunds 1,550,000 447,000
Cash paid for operating leases 2,472,000 2,574,000
Cash paid for finance leases 775,000 632,000
Plant and equipment acquired under finance leases 230,000 1,427,000
Assets acquired under operating leases 15,718,000 15,564,000
Non-cash capital expenditures $ 206,000 $ 678,000