Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 114,832,000 $ 95,609,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,784,000 24,077,000
Amortization of loan cost 1,628,000 2,089,000
Deferred income taxes (251,000) (4,563,000)
Interest added to principal of secured loans (10,000) (13,000)
Share-based compensation 1,607,000 1,628,000
Write-down of digital assets 12,000 50,000
Earnings from equity method investments (7,276,000) (4,317,000)
Dividends received from equity method investees 551,000 0
Changes in assets and liabilities:    
Receivables 6,964,000 23,364,000
Secured loans receivable 1,012,000 747,000
Secured loans made to affiliates 0 (1,989,000)
Derivative assets 33,287,000 18,563,000
Income tax receivable (861,000) 0
Precious metals held under financing arrangements 55,752,000 67,292,000
Inventories (226,500,000) (306,244,000)
Prepaid expenses and other assets (1,488,000) (1,923,000)
Account payable and other payables 4,037,000 20,240,000
Deferred revenue and other advances 78,143,000 (1,335,000)
Derivative liabilities 7,550,000 17,244,000
Liabilities on borrowed metals (33,687,000) (24,042,000)
Accrued liabilities (1,455,000) 2,569,000
Income tax payable (382,000) (4,748,000)
Net cash provided by (used in) operating activities 43,249,000 (75,702,000)
Cash flows from investing activities:    
Capital expenditures for property, plant, and equipment (3,227,000) (2,106,000)
Purchase of long-term investments (5,540,000) (6,750,000)
Purchase of intangible assets (4,500,000) 0
Secured loans receivable, net 28,359,000 (31,615,000)
Purchase of digital assets 0 (250,000)
Net cash provided by (used in) investing activities 15,092,000 (40,721,000)
Cash flows from financing activities:    
Product financing arrangements, net 9,433,000 (1,581,000)
Dividends paid (32,794,000) (22,639,000)
Distributions paid to noncontrolling interest (1,001,000) 0
Net borrowings and repayments under lines of credit 15,000,000 70,000,000
Repayments on notes payable to related party (2,135,000) 0
Repurchases of common stock (9,762,000) 0
Proceeds from issuance of related party note 3,887,000 0
Debt funding issuance costs (471,000) (4,187,000)
Proceeds from the exercise of share-based awards 1,425,000 2,007,000
Payments for tax withholding related to net settlement of share-based awards (1,605,000) (33,000)
Net cash (used in) provided by financing activities (18,023,000) 43,567,000
Net increase (decrease) in cash 40,318,000 (72,856,000)
Cash, beginning of period 37,783,000 [1] 101,405,000
Cash, end of period 78,101,000 [1] 28,549,000
Supplemental disclosures of cash flow information:    
Interest paid 20,829,000 15,244,000
Income taxes paid 33,725,000 33,108,000
Income taxes refunded 117,000 0
Non-cash investing and financing activities:    
Declared distributions and unpaid dividends 98,000 0
Fair value of shares exchanged for increase in long-term investment 0 2,978,000
Addition of right of use assets under operating lease obligations $ 0 $ 2,013,000
[1] Includes amounts of the consolidated variable interest entity, which are presented separately in the table below.