UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash Flows From Operating Activities: |
|
|
| Net earnings |
$ 27,446
|
$ 24,493
|
| Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: |
|
|
| Depreciation and amortization |
5,832
|
8,503
|
| Reserve for credit losses, inventory obsolescence and sales returns |
849
|
(123)
|
| Share-based compensation expense |
2,903
|
2,711
|
| Payments from lessees directly to lenders-operating leases |
(1,521)
|
(2,560)
|
| Gain on disposal of property, equipment and operating lease equipment |
(1,853)
|
(517)
|
| Gain on sale of financing receivables |
(3,110)
|
(3,991)
|
| Other |
427
|
6
|
| Changes in: |
|
|
| Accounts receivable - trade |
(58,276)
|
(40,015)
|
| Accounts receivable - other |
(3,517)
|
(2,270)
|
| Inventories |
(47,323)
|
538
|
| Financing receivables - net |
4,255
|
(1,171)
|
| Deferred costs, other intangible assets and other assets |
2,867
|
11,035
|
| Accounts payable |
14,804
|
(7,184)
|
| Salaries and commissions payable, deferred revenue and other liabilities |
12,411
|
(10,964)
|
| Net cash used in operating activities |
(43,806)
|
(21,509)
|
| Cash Flows From Investing Activities: |
|
|
| Proceeds from sale of property, equipment and operating lease equipment |
3,588
|
3,199
|
| Purchases of property, equipment and operating lease equipment |
(3,169)
|
(15,618)
|
| Purchases of assets to be leased or financed |
(4,506)
|
(9,363)
|
| Issuance of financing receivables |
(63,961)
|
(67,623)
|
| Repayments of financing receivables |
24,726
|
35,460
|
| Proceeds from sale of financing receivables |
24,674
|
26,021
|
| Net cash used in investing activities |
(18,648)
|
(27,924)
|
| Cash Flows From Financing Activities: |
|
|
| Borrowings of non-recourse and recourse notes payable |
22,940
|
11,239
|
| Repayments of non-recourse and recourse notes payable |
(5,320)
|
(186)
|
| Repurchase of common stock |
(30,492)
|
(2,475)
|
| Dividends paid |
0
|
(80)
|
| Net borrowings (repayments) on floor plan facility |
28,202
|
27,635
|
| Net cash provided by financing activities |
15,330
|
36,133
|
| Effect of exchange rate changes on cash |
393
|
(33)
|
| Net Increase (Decrease) in Cash and Cash Equivalents |
(46,731)
|
(13,333)
|
| Cash and Cash Equivalents, Beginning of Period |
94,766
|
76,175
|
| Cash and Cash Equivalents, End of Period |
48,035
|
62,842
|
| Supplemental Disclosures of Cash Flow Information: |
|
|
| Cash paid for interest |
31
|
50
|
| Cash paid for income taxes |
10,282
|
13,901
|
| Investing Activities |
|
|
| Proceeds from sale of property, equipment, and operating lease equipment |
567
|
6,726
|
| Purchase of property, equipment, and operating lease equipment |
(2,332)
|
(8,181)
|
| Purchase of assets to be leased or financed |
(6,944)
|
(5,615)
|
| Issuance of financing receivables |
(86,128)
|
(76,876)
|
| Repayment of financing receivables |
12,439
|
8,671
|
| Proceeds from sale of financing receivables |
75,739
|
58,520
|
| Financing Activities |
|
|
| Borrowing of non-recourse and recourse notes payable |
23,010
|
31,715
|
| Repayments of non-recourse and recourse notes payable |
(15,305)
|
(16,462)
|
| Vesting of share-based compensation |
$ 7,940
|
$ 7,687
|