MOTORCAR PARTS OF AMERICA INC
For the period ended Mar 31, 2024. Filed Jun 11, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Jun 11, 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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Item 8. Consolidated Statements of Cash Flows
Statements ofCash Flows
| Years Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(49,244,000) | $(4,207,000) | $7,361,000 |
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 10,544,000 | 10,984,000 | 11,338,000 |
| Amortization of intangible assets | 1,075,000 | 1,460,000 | 1,548,000 |
| Amortization of debt issuance costs | 2,165,000 | 663,000 | 623,000 |
| Amortization of interest on contract liabilities, net | 933,000 | 940,000 | 879,000 |
| Accrued interest on convertible notes, related party | 3,200,000 | 9,000 | - |
| Loss on extinguishment of debt | 168,000 | - | - |
| Amortization of core premiums paid to customers | 10,181,000 | 11,113,000 | 11,242,000 |
| Amortization of finished goods premiums paid to customers | 782,000 | 678,000 | 718,000 |
| Non-cash lease expense | 10,255,000 | 8,348,000 | 7,447,000 |
| Foreign exchange impact of lease liabilities and forward contracts | (3,814,000) | (9,291,000) | (1,673,000) |
| Foreign currency remeasurement | 65,000 | 1,408,000 | 48,000 |
| Change in fair value of compound net derivative liability | (1,020,000) | - | - |
| Loss due to the change in the fair value of the contingent consideration | - | - | 67,000 |
| (Gain) loss on short-term investments | (347,000) | 181,000 | (163,000) |
| Net provision for inventory reserves | 16,233,000 | 18,851,000 | 13,504,000 |
| Net provision for customer payment discrepancies | 1,452,000 | 2,112,000 | 2,142,000 |
| Net (recovery of) provision for doubtful accounts | (133,000) | 108,000 | 95,000 |
| Deferred income taxes | 29,564,000 | (5,207,000) | (7,442,000) |
| Share-based compensation expense | 4,700,000 | 4,685,000 | 7,287,000 |
| Loss on disposal of plant and equipment | 9,000 | 17,000 | 36,000 |
| Change in operating assets and liabilities: | |||
| Accounts receivable | 22,687,000 | (37,176,000) | (24,145,000) |
| Inventory | (53,585,000) | 10,423,000 | (95,529,000) |
| Inventory unreturned | (3,666,000) | (1,531,000) | (437,000) |
| Income tax receivable | (3,501,000) | (2,030,000) | 111,000 |
| Prepaid expenses and other current assets | 3,100,000 | (2,906,000) | (682,000) |
| Other assets | (601,000) | 435,000 | 122,000 |
| Accounts payable and accrued liabilities | 47,264,000 | (23,757,000) | 17,453,000 |
| Customer finished goods returns accrual | 222,000 | (201,000) | 6,533,000 |
| Contract assets, net | (14,221,000) | (17,560,000) | (52,474,000) |
| Contract liabilities, net | 14,664,000 | 17,719,000 | 48,056,000 |
| Operating lease liabilities | (8,702,000) | (7,141,000) | (5,442,000) |
| Other liabilities | (1,257,000) | (881,000) | 6,515,000 |
| Net cash provided by (used in) operating activities | 39,172,000 | (21,754,000) | (44,862,000) |
| Cash flows from investing activities: | |||
| Purchase of plant and equipment | (1,000,000) | (4,201,000) | (7,550,000) |
| Redemptions of (payments for) short term investments | 521,000 | 10,000 | (388,000) |
| Net cash used in investing activities | (479,000) | (4,191,000) | (7,938,000) |
| Cash flows from financing activities: | |||
| Borrowings under revolving loan | 82,005,000 | 65,000,000 | 107,000,000 |
| Repayments under revolving loan | (99,205,000) | (74,800,000) | (36,000,000) |
| Repayments of term loan | (13,125,000) | (3,750,000) | (3,750,000) |
| Proceeds from issuance of convertible notes, related party | - | 32,000,000 | - |
| Payments for debt issuance costs | (3,973,000) | (1,716,000) | (1,159,000) |
| Payments on finance lease obligations | (1,862,000) | (2,397,000) | (2,716,000) |
| Exercise of stock options | - | 940,000 | 499,000 |
| Cash used to net share settle equity awards | (279,000) | (969,000) | (1,745,000) |
| Repurchase of common stock, including fees | - | - | (1,914,000) |
| Net cash (used in) provided by financing activities | (36,439,000) | 14,308,000 | 60,215,000 |
| Effect of exchange rate changes on cash and cash equivalents | 124,000 | 217,000 | 78,000 |
| Net increase (decrease) in cash and cash equivalents | 2,378,000 | (11,420,000) | 7,493,000 |
| Cash and cash equivalents — Beginning of year | 11,596,000 | 23,016,000 | 15,523,000 |
| Cash and cash equivalents — End of year | $13,974,000 | $11,596,000 | $23,016,000 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest, net | $53,797,000 | $37,772,000 | $13,994,000 |
| Cash paid for income taxes, net of refunds | 9,558,000 | 14,198,000 | 6,746,000 |
| Cash paid for operating leases | 13,358,000 | 12,055,000 | 10,406,000 |
| Cash paid for finance leases | 2,081,000 | 2,659,000 | 3,061,000 |
| Plant and equipment acquired under finance lease | 745,000 | 1,246,000 | 836,000 |
| Assets acquired under operating leases | 1,603,000 | 7,832,000 | 16,187,000 |
| Non-cash capital expenditures | 16,000 | 6,000 | 661,000 |
| Debt issuance costs included in accounts payable and accrued liabilities | - | 476,000 | - |
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