MOTORCAR PARTS OF AMERICA INC

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 8, 2024

MPAA$7.42-3.9%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

Statements ofCash Flows

	Three Months Ended
	June 30,
	2024	2023
Cash flows from operating activities:
Net loss	$(18,085,000)	$(1,410,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,729,000	3,033,000
Amortization of debt issuance costs	537,000	464,000
Amortization of interest on contract liabilities	203,000	249,000
Accrued interest on convertible notes, related party	880,000	800,000
Amortization of core premiums paid to customers	2,471,000	2,490,000
Amortization of finished goods premiums paid to customers	257,000	167,000
Noncash lease expense	2,608,000	2,504,000
Foreign exchange impact of lease liabilities and forward contracts	11,078,000	(4,270,000)
Change in fair value of compound net derivative liability	(2,580,000)	140,000
Gain on short-term investments	(28,000)	(121,000)
Net provision for inventory reserves	3,184,000	3,366,000
Net provision for customer payment discrepancies and credit losses	34,000	1,159,000
Deferred income taxes	(1,862,000)	1,595,000
Share-based compensation expense	1,000,000	1,310,000
Loss on disposal of plant and equipment	-	1,000
Changes in operating assets and liabilities:
Accounts receivable	17,207,000	(27,518,000)
Inventory	(9,061,000)	(10,782,000)
Prepaid expenses and other current assets	(1,232,000)	2,391,000
Other assets	(785,000)	16,000
Accounts payable and accrued liabilities	(20,367,000)	927,000
Customer finished goods returns accrual	(9,275,000)	(4,679,000)
Contract assets	1,482,000	(792,000)
Contract liabilities	2,089,000	9,320,000
Operating lease liabilities	(2,162,000)	(1,863,000)
Other liabilities	(1,163,000)	1,033,000
Net cash used in operating activities	(20,841,000)	(20,470,000)
Cash flows from investing activities:
Purchase of plant and equipment	(490,000)	(40,000)
Purchase of short-term investments	(22,000)	(27,000)
Net cash used in investing activities	(512,000)	(67,000)
Cash flows from financing activities:
Borrowings under revolving loan	42,366,000	26,000,000
Repayments of revolving loan	(26,532,000)	(4,200,000)
Repayments of term loan	-	(938,000)
Payments for debt issuance costs	(15,000)	(418,000)
Payments on finance lease obligations	(472,000)	(492,000)
Cash used to net share settle equity awards	(181,000)	(279,000)
Net cash provided by financing activities	15,166,000	19,673,000
Effect of exchange rate changes on cash and cash equivalents	(256,000)	155,000
Net decrease in cash and cash equivalents	(6,443,000)	(709,000)
Cash and cash equivalents — Beginning of period	13,974,000	11,596,000
Cash and cash equivalents — End of period	$7,531,000	$10,887,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	$12,689,000	$10,120,000
Cash paid for income taxes, net of refunds	2,196,000	645,000
Cash paid for operating leases	3,355,000	3,081,000
Cash paid for finance leases	523,000	554,000
Plant and equipment acquired under finance leases	-	31,000
Assets acquired under operating leases	1,815,000	-
Non-cash capital expenditures	19,000	-
Debt issuance costs included in accounts payable and accrued liabilities	-	187,000
Interest paid in-kind	3,209,000	-

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.