XML 17 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 43,706 $ 33,925
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,467 7,061
Loss on disposal of property and equipment 42 20
Deferred income taxes 6,147 4,206
Amortization of debt origination costs 1,400 851
Stock-based compensation costs 1,464 1,381
Non-cash operating lease cost 1,831 1,338
Interest expense relating to finance lease liability 50 0
Changes in operating assets and liabilities:    
Accounts receivable 39,734 5,808
Inventories 51 (8,939)
Prepaid expenses and other current assets (4,019) (4,335)
Accounts payable (32,386) 5,306
Accrued liabilities 11,588 7,616
Operating lease liabilities (1,812) (1,368)
Other (109) (93)
Net cash provided by operating activities 75,154 52,777
Investing Activities    
Purchases of property, plant and equipment (2,553) (1,956)
Net cash used in investing activities (2,553) (1,956)
Financing Activities    
Term loan repayments (56,000) 0
Borrowings under revolving credit agreement 0 15,000
Repayments under revolving credit agreement (55,000) (35,000)
Payments of finance leases (336) 0
Proceeds from exercise of stock options 1,216 275
Fair value of shares surrendered as payment of tax withholding (1,242) (799)
Repurchase of common stock 0 (28,766)
Net cash used in financing activities (111,362) (49,290)
Effects of exchange rate changes on cash and cash equivalents 1,942 (19)
(Decrease) increase in cash and cash equivalents (36,819) 1,512
Cash and cash equivalents - beginning of period 94,760 27,530
Cash and cash equivalents - end of period 57,941 29,042
Interest paid 5,571 19,966
Income taxes paid $ 2,182 $ 1,807