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Condensed consolidated statements of cash flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 52,977 $ 14,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,637 5,724
Stock-based compensation expense 7,200 6,542
Amortization of debt issuance costs and discount on debt 75 91
Deferred income taxes 2,113 3,945
Impairment of equity investment 1,720 0
Other, net 71 21
Changes in operating assets and liabilities:    
Accounts receivable (22,615) (6,727)
Inventory (16,729) 14,158
Prepaid expenses and other assets (8,094) (3,258)
Accounts payable and accrued expenses 2,014 (3,442)
Other liabilities (1,015) (945)
Net cash provided by operating activities 23,354 30,578
Cash flows from investing activities:    
Purchase of property and equipment (616) (241)
Net cash used in investing activities (616) (241)
Cash flows from financing activities:    
Repayment of long-term debt (1,250) (1,250)
Cash received from issuance of common stock 485 2
Other, net (202) (194)
Net cash used in financing activities (967) (1,442)
Net increase in cash and cash equivalents 21,771 28,895
Cash and cash equivalents - beginning of period 120,778 43,353
Cash and cash equivalents - end of period $ 142,549 $ 72,248