v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 95,609 $ 109,853
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 24,077 2,494
Amortization of loan cost 2,089 1,661
Deferred income taxes (4,563) (1,561)
Interest added to principal of secured loans (13) (9)
Share-based compensation 1,628 659
Write-down of digital assets 50  
Remeasurement gain on pre-existing equity method investment (26,306)
Earnings from equity method investments (4,317) (13,898)
Changes in assets and liabilities:    
Receivables 23,364 3,507
Secured loans receivable 747 3,303
Secured loans made to affiliates (1,989) 8,646
Derivative assets 18,563 (18,342)
Precious metals held under financing arrangements 67,292 17,589
Inventories (306,244) (181,933)
Prepaid expenses and other assets (1,923) (634)
Account payable and other payables 20,240 (63,694)
Deferred revenue and other advances (1,335) 64,219
Derivative liabilities 17,244 (13,113)
Liabilities on borrowed metals (24,042) (58,471)
Accrued liabilities 2,569 4,258
Income tax payable (4,748) 6,324
Net cash used in operating activities (75,702) (155,448)
Cash flows from investing activities:    
Capital expenditures for property, plant, and equipment (2,106) (1,351)
Purchase of long-term investments (6,750) (6,763)
Secured loans receivable, net (31,615) (48,958)
Purchase of digital assets (250)  
Other secured loans, net 1,000
Incremental acquisition of pre-existing equity method investment, net of cash (62,232)
Net cash used in investing activities (40,721) (118,304)
Cash flows from financing activities:    
Product financing arrangements, net (1,581) 175,389
Dividends paid (22,639) (21,191)
Borrowings and repayments under lines of credit, net 70,000 30,000
Net proceeds from the issuance of common stock 75,315
Debt funding issuance costs (4,187) (1,831)
Net settlement on issuance of common shares on exercise of options 1,974 2,511
Net cash provided by financing activities 43,567 260,193
Net decrease in cash, cash equivalents, and restricted cash (72,856) (13,559)
Cash, cash equivalents, and restricted cash, beginning of period 101,405 [1] 52,325
Cash, cash equivalents, and restricted cash, end of period 28,549 [1] 38,766
Supplemental disclosures of cash flow information:    
Interest paid 15,244 12,655
Income taxes paid 33,108 18,086
Income taxes refunded (3,887)
Non-cash investing and financing activities:    
Interest added to principal of secured loans 13 9
Fair value of shares exchanged for increase in long term investment 2,978 $ 41,608
Addition of right of use assets under operating lease obligations $ 2,013  
[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