Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 5,984 $ 8,203
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 1,120 911
Amortization of loan cost 583 0
Deferred income taxes (5,659) 4,540
Interest added to principal of secured loans (50) (65)
Accrued earn-out (198) 0
Share-based compensation 675 224
Earnings from equity method investment (73) (613)
Changes in assets and liabilities:    
Receivables 439 4,097
Secured loans (18,163) 2,404
Secured loans to Former Parent (6,595) (1,363)
Derivative assets 29,094 278
Income tax receivable 6,071 (999)
Inventories (100,474) (82,472)
Prepaid expenses and other current assets (428) (460)
Accounts payable (2,618) (7,801)
Derivative liabilities (20,609) (6,824)
Liabilities on borrowed metals 2,085 (3,927)
Accrued liabilities (2,266) 1,270
Receivable from/payables to Former Parent 203 1,605
Income taxes payable 6,038 0
Net cash used in operating activities (104,841) (80,992)
Cash flows from investing activities:    
Capital expenditures for property and equipment (1,932) (1,112)
Purchase of long-term investments 0 (4,672)
Secured loans, net 2,636 (16,487)
Acquisition of majority-owned subsidiary, net of cash (3,421) 0
Net cash used in investing activities (2,717) (22,271)
Cash flows from financing activities:    
Product financing arrangements, net 97,092 53,743
Dividends (1,546) (1,185)
Borrowings under lines of credit, net 1,000 43,000
Stock award grant 172 0
Repurchase and retirement of restricted stock for payroll taxes 0 250
Excess tax benefit of share-based awards 138 0
Net cash provided by financing activities 96,856 95,308
Net decrease in cash and cash equivalents (10,702) (7,955)
Cash and cash equivalents, beginning of period 17,142 20,927
Cash and cash equivalents, end of period 6,440 12,972
Cash paid during the period for:    
Interest expense 6,333 3,997
Income taxes 2,953 151
Non-cash investing and financing activities:    
Interest added to principal of secured loans 50 65
Contribution of assets from minority interest 3,454 0
Payable to minority interest partner for acquired business 500 0
Earn out obligation payable to minority interest partner $ 1,523 $ 0