MOTORCAR PARTS OF AMERICA INC
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 9, 2024
MPAA$7.42-3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
Cash Flows
| Nine Months Ended | ||
|---|---|---|
| December 31, | ||
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net loss | $(50,582,000) | $(5,666,000) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 8,844,000 | 9,322,000 |
| Amortization of interest and loss on extinguishment of debt | 2,528,000 | 1,131,000 |
| Accrued interest on convertible notes, related party | 2,400,000 | - |
| Amortization of core premiums paid to customers | 7,627,000 | 8,670,000 |
| Amortization of finished goods premiums paid to customers | 575,000 | 513,000 |
| Noncash lease expense | 7,614,000 | 5,955,000 |
| Foreign exchange impact of lease liabilities and forward contracts | (2,659,000) | (2,553,000) |
| Change in fair value of compound net derivative liability | 1,690,000 | - |
| (Gain) loss on short-term investments | (237,000) | 281,000 |
| Net provision for inventory reserves | 9,637,000 | 14,248,000 |
| Net provision for customer payment discrepancies and credit losses | 1,112,000 | 1,250,000 |
| Deferred income taxes | 29,721,000 | 212,000 |
| Share-based compensation expense | 4,268,000 | 3,521,000 |
| Loss on disposal of plant and equipment | 9,000 | 17,000 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 26,272,000 | 7,560,000 |
| Inventory | (46,558,000) | (20,888,000) |
| Prepaid expenses and other current assets | 5,316,000 | (12,696,000) |
| Other assets | (392,000) | 314,000 |
| Accounts payable and accrued liabilities | 38,734,000 | (19,518,000) |
| Customer finished goods returns accrual | (190,000) | (5,054,000) |
| Contract assets | (7,639,000) | (14,486,000) |
| Contract liabilities | 15,561,000 | 14,700,000 |
| Operating lease liabilities | (6,368,000) | (5,135,000) |
| Other liabilities | 1,162,000 | (3,126,000) |
| Net cash provided by (used in) operating activities | 48,445,000 | (21,428,000) |
| Cash flows from investing activities: | ||
| Purchase of plant and equipment | (462,000) | (3,607,000) |
| Purchase of short-term investments | 42,000 | (248,000) |
| Net cash used in investing activities | (420,000) | (3,855,000) |
| Cash flows from financing activities: | ||
| Borrowings under revolving loan | 64,005,000 | 58,000,000 |
| Repayments of revolving loan | (94,205,000) | (38,000,000) |
| Repayments of term loan | (13,125,000) | (2,813,000) |
| Payments for debt issuance costs | (2,617,000) | (376,000) |
| Payments on finance lease obligations | (1,425,000) | (1,842,000) |
| Exercise of stock options, net of cash used to pay employee taxes | - | 898,000 |
| Cash used to net share settle equity awards | (279,000) | (969,000) |
| Net cash (used in) provided by financing activities | (47,646,000) | 14,898,000 |
| Effect of exchange rate changes on cash and cash equivalents | 180,000 | (52,000) |
| Net increase (decrease) in cash and cash equivalents | 559,000 | (10,437,000) |
| Cash and cash equivalents — Beginning of period | 11,596,000 | 23,016,000 |
| Cash and cash equivalents — End of period | $12,155,000 | $12,579,000 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest, net | $40,826,000 | $26,425,000 |
| Cash paid for income taxes, net of refunds | 8,143,000 | 13,135,000 |
| Cash paid for operating leases | 10,025,000 | 8,760,000 |
| Cash paid for finance leases | 1,595,000 | 2,042,000 |
| Plant and equipment acquired under finance leases | 33,000 | 609,000 |
| Assets acquired under operating leases | 879,000 | 7,530,000 |
| Non-cash capital expenditures | 71,000 | 77,000 |
| Debt issuance costs included in accounts payable and accrued liabilities | 1,340,000 | - |
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