Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:      
Net income $ 156,769 $ 133,079 $ 160,924
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 12,525 27,300 10,789
Amortization of loan cost 2,113 2,651 2,162
Deferred income taxes 1,585 (4,106) (2,034)
Share-based compensation 2,176 2,140 1,173
Remeasurement gain on pre-existing equity interest 0 0 (26,306)
Earnings from equity method investments (12,576) (6,907) (15,547)
Dividends and distributions received from equity method investees 978 1,678 343
Other (155) 215 (13)
Changes in assets and liabilities:      
Receivables, net 61,797 (8,040) (20,880)
Secured loans receivable 1,012 757 1,932
Secured loans made to affiliates 0 3,042 5,755
Derivative assets 13,862 (47,207) 7,447
Precious metals held under financing arrangements 54,236 74,976 23,835
Inventories (240,625) (282,999) (79,031)
Prepaid expenses and other assets (3,336) (649) (7)
Account payable and other payables 19,338 192 (86,097)
Deferred revenue and other advances 5,818 (18,871) 58,651
Derivative liabilities (67,704) 68,241 (20,194)
Liabilities on borrowed metals (37,775) (32,449) (76,340)
Accrued liabilities (937) 2,425 5,686
Income tax payable 576 (4,634) (4,902)
Net cash used in operating activities (30,323) (89,166) (52,654)
Cash flows from investing activities:      
Capital expenditures for property, plant, and equipment (4,783) (2,879) (2,113)
Purchase of long-term investments (7,950) (34,950) (7,996)
Purchase of an option to acquire long-term investments (340) (5,300) 0
Purchase of intangible assets (5,000) 0 0
Secured loans receivable, net 24,599 (17,034) (56,932)
Acquisition of remaining noncontrolling equity interest in joint venture 0 0 (1,950)
Purchase of digital assets 0 (400) 0
Proceeds from the sale of digital assets 313 0 0
Redemption associated with acquisition of pre-existing equity method investment 0 0 17,457
Incremental acquisition of pre-existing equity method investment, net of cash 0 0 (78,859)
Net cash provided by (used in) investing activities 6,839 (60,563) (130,393)
Cash flows from financing activities:      
Product financing arrangements, net 53,160 81,643 126,350
Dividends paid (37,468) (22,645) (21,191)
Distributions paid to noncontrolling interest (1,001) 0 0
Net borrowings and repayments under lines of credit 20,000 30,000 50,000
Repayments on notes payable to related party (2,955) 0 0
Repurchases of common stock (9,762) 0 0
Proceeds from issuance of related party note 3,500 0 0
Debt funding issuance costs (485) (5,179) (1,861)
Net proceeds from the issuance of common stock 0 0 75,344
Proceeds from the exercise of share-based awards 1,884 2,323 3,523
Payments for tax withholding related to net settlement of share-based awards (1,854) (35) (38)
Net cash provided by financing activities 25,019 86,107 232,127
Net increase (decrease) in cash 1,535 (63,622) 49,080
Cash, beginning of period 37,783 [1] 101,405 52,325
Cash, end of period 39,318 [1] 37,783 [1] 101,405
Supplemental disclosures of cash flow information:      
Interest paid 28,787 20,576 17,933
Income taxes paid 44,337 42,548 42,426
Income taxes refunded 124 122 3,887
Non-cash investing and financing activities:      
Declared distributions and unpaid dividends 90 0 0
Property, plant, and equipment acquired on account 76 0 0
Interest added to principal of secured loans 14 14 13
Fair value of shares exchanged for increase in long-term investment 0 11,683 41,608
Addition of right of use assets under operating lease obligations $ 0 $ 2,013 $ 0
[1] Includes amounts of the consolidated variable interest entity, which are presented separately in the table below.