v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 109,853 $ 13,166
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,494 2,217
Amortization of loan cost 1,661 1,139
Deferred income taxes (1,561) 2,238
Interest added to principal of secured loans (9) (15)
Share-based compensation 659 635
Remeasurement gain on pre-existing equity method investment (26,306)  
Earnings from equity method investments (13,897) (392)
Changes in assets and liabilities:    
Receivables 3,507 (69,858)
Secured loans receivable 3,303 3,007
Secured loans made to affiliates 8,646 2,315
Derivative assets (18,342) (50,653)
Income tax receivable   35
Precious metals held under financing arrangements 17,589 21,787
Inventories (181,933) (120,268)
Prepaid expenses and other assets (634) (319)
Accounts payable and other current liabilities 525 169,740
Derivative liabilities (13,113) 29,560
Liabilities on borrowed metals (58,471) (22,540)
Accrued liabilities 4,257 4,431
Income tax payable 6,324  
Net cash used in operating activities (155,448) (13,775)
Cash flows from investing activities:    
Capital expenditures for property, plant, and equipment (1,351) (686)
Purchase of long-term investments (6,763)  
Purchase of intangible assets   (150)
Secured loans receivable, net (48,958) 70,370
Other secured loans, net 1,000 (3,500)
Incremental acquisition of pre-existing equity method investment, net of cash (62,232)  
Net cash (used in) provided by investing activities (118,304) 66,034
Cash flows from financing activities:    
Product financing arrangements, net 175,389 27,621
Dividends paid (21,191)  
Borrowings and repayments under lines of credit, net 30,000 8,000
Net proceeds from the issuance of common stock 75,315  
Debt funding issuance costs (1,831) (697)
Net settlement on issuance of common shares on exercise of options 2,511  
Net cash provided by financing activities 260,193 34,924
Net (decrease) increase in cash, cash equivalents, and restricted cash (13,559) 87,183
Cash, cash equivalents, and restricted cash, beginning of period 52,325 [1] 8,320
Cash, cash equivalents, and restricted cash, end of period 38,766 [1] 95,503
Supplemental disclosures of cash flow information:    
Interest paid 12,655 14,077
Income taxes paid 18,086 71
Income taxes refunded (3,887)  
Non-cash investing and financing activities:    
Interest added to principal of secured loans 9 $ 15
Fair value of shares exchanged in acquisitions $ 41,608  
[1] Includes amounts of the consolidated variable interest entity, which is presented separately in the table below.

These figures exclude the impact of the JMB acquisition that closed on March 19, 2021.

Source