CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Cash flows from operating activities: |
|
|
|
| Net earnings |
$ 74,397
|
$ 69,082
|
$ 63,192
|
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization |
19,991
|
19,156
|
18,639
|
| Reserve for credit losses |
1,436
|
1,004
|
170
|
| Share-based compensation expense |
7,169
|
7,954
|
7,243
|
| Deferred taxes |
(4,198)
|
(2,185)
|
3,280
|
| Payments from lessees directly to lenders-operating leases |
(34)
|
(70)
|
(156)
|
| Gain on disposal of property, equipment, and operating lease equipment |
(2,742)
|
(814)
|
(2,027)
|
| Gain on sale of financial receivables |
0
|
0
|
(9,077)
|
| Changes in: |
|
|
|
| Accounts receivable |
(5,056)
|
(64,388)
|
(34,306)
|
| Inventories-net |
(16,798)
|
115
|
(10,929)
|
| Financing receivables-net |
(42,104)
|
(109,355)
|
(7,883)
|
| Deferred costs and other assets |
(16,503)
|
(20,982)
|
5,412
|
| Accounts payable-trade |
76,772
|
(8,884)
|
12,456
|
| Salaries and commissions payable, deferred revenue, and other liabilities |
37,177
|
35,193
|
(6,603)
|
| Net cash provided by (used in) operating activities |
129,507
|
(74,174)
|
39,411
|
| Cash flows from investing activities: |
|
|
|
| Proceeds from sale of property, equipment, and operating lease equipment |
2,791
|
1,705
|
3,619
|
| Purchases of property, equipment and operating lease equipment |
(11,513)
|
(7,009)
|
(11,629)
|
| Cash used in acquisitions, net of cash acquired |
(27,034)
|
(15,035)
|
(49,764)
|
| Purchases of assets to be leased or financed |
0
|
0
|
(10,368)
|
| Issuance of financing receivables |
0
|
0
|
(175,410)
|
| Repayments of financing receivables |
0
|
0
|
73,942
|
| Proceeds from sale of financing receivables |
0
|
0
|
73,405
|
| Net cash used in investing activities |
(35,756)
|
(20,339)
|
(96,205)
|
| Cash flows from financing activities: |
|
|
|
| Borrowings of non-recourse and recourse notes payable |
66,403
|
141,369
|
83,924
|
| Repayments of non-recourse and recourse notes payable |
(74,328)
|
(31,880)
|
(43,054)
|
| Repurchase of common stock |
(6,948)
|
(14,425)
|
(18,754)
|
| Repayments of financing of acquisitions |
(556)
|
(5,763)
|
(7,634)
|
| Net borrowings (repayments) on floor plan facility |
(34,373)
|
11,333
|
3,974
|
| Net cash provided by (used in) financing activities |
(49,802)
|
100,634
|
18,456
|
| Effect of exchange rate changes on cash |
(617)
|
294
|
(44)
|
| Net increase (decrease) in cash and cash equivalents |
43,332
|
6,415
|
(38,382)
|
| Cash and cash equivalents, beginning of period |
86,231
|
79,816
|
118,198
|
| Cash and cash equivalents, end of period |
129,563
|
86,231
|
79,816
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Cash paid for interest |
1,436
|
2,260
|
1,862
|
| Cash paid for income taxes |
31,690
|
28,356
|
19,938
|
| Cash paid for amounts included in the measurement of lease liabilities |
5,780
|
5,613
|
0
|
| Schedule of non-cash investing and financing activities: |
|
|
|
| Proceeds from sale of property, equipment, and leased equipment |
2,045
|
0
|
520
|
| Purchases of property, equipment, and operating lease equipment |
(372)
|
(329)
|
(1,874)
|
| Purchases of assets to be leased or financed |
0
|
0
|
(13,663)
|
| Issuance of financing receivables |
0
|
0
|
(119,024)
|
| Proceeds from sale of financing receivables |
0
|
0
|
142,418
|
| Consideration for acquisitions |
0
|
(241)
|
(257)
|
| Borrowing of non-recourse and recourse notes payable |
121,826
|
114,439
|
75,164
|
| Repayments of non-recourse and recourse notes payable |
(34)
|
(70)
|
(156)
|
| Vesting of share-based compensation |
7,937
|
8,990
|
12,816
|
| New operating lease assets obtained in exchange for lease obligations |
$ 1,146
|
$ 6,035
|
$ 0
|