| Mar'19 | Mar'18 | Apr'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 |
|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | |||||||||
Net income | |||||||||
68,622 | 61,502 | 37,955 | 28,541 | 23,817 | 18,706 | 10,297 | 29,728 | 4,072 | -3,793 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
4,698 | 4,026 | 3,687 | 3,922 | 3,757 | 4,000 | 4,010 | 5,556 | 1,357 | 1,204 |
Provision for credit losses | |||||||||
562 | 422 | 792 | 408 | 149 | 61 | 453 | 98 | 129 | - |
Deferred income taxes | |||||||||
-762 | -4,258 | 278 | -940 | 4,341 | 563 | 2,131 | -2,488 | -960 | 1,442 |
Stock-based compensation expense | |||||||||
3,365 | 2,321 | 2,125 | 1,762 | 1,657 | 2,353 | 1,266 | 916 | 671 | 372 |
Non-cash interest income, net | |||||||||
953 | 1,011 | 1,161 | 1,681 | 1,098 | 676 | 636 | 1,594 | 996 | - |
Tax benefits from option exercises | |||||||||
- | - | - | - | - | - | - | - | - | 315 |
Incremental tax benefits from option exercises | |||||||||
0 | 0 | 2,398 | 1,279 | 3,679 | 51 | 0 | 0 | - | 275 |
Impairment of property, plant and equipment including assets held for sale | |||||||||
- | - | - | - | - | 560 | 0 | 0 | 327 | 288 |
Non-cash interest expense | |||||||||
- | - | - | - | - | - | - | - | 119 | - |
Gain on sale of property, plant and equipment, net | |||||||||
53 | 77 | 62 | 15 | 1,558 | -70 | 7 | 117 | 92 | 10 |
Gain on bargain purchase | |||||||||
- | - | - | - | - | - | - | 22,009 | 0 | - |
Gain on investments and sale of loans, net | |||||||||
9,207 | 14,544 | 7,179 | 5,836 | 6,263 | 5,544 | 8,238 | 5,878 | - | - |
Gain on sale of loans | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Gain on investments | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Changes in operating assets and liabilities: | |||||||||
Restricted cash | |||||||||
- | - | - | -100 | 3,092 | 449 | 1,168 | 424 | 209 | -17 |
Accounts receivable | |||||||||
5,684 | 4,118 | 372 | -3,332 | 6,205 | 2,148 | 3,878 | 5,217 | -2,857 | 1,097 |
Consumer loans receivable originated | |||||||||
129,990 | 126,404 | 116,662 | 99,314 | 107,957 | 94,280 | 111,414 | 78,212 | 0 | - |
Proceeds from sales of consumer loans | |||||||||
131,117 | 119,345 | 104,446 | 11,717 | 100,380 | 98,049 | 116,310 | 81,240 | 0 | - |
Principal payments on consumer loans receivable | |||||||||
12,945 | 12,664 | 10,944 | 101,130 | 14,143 | 15,319 | 12,288 | 12,511 | 0 | - |
Inventories | |||||||||
7,051 | 13,425 | -958 | 3,980 | 5,605 | 924 | 6,559 | -1,019 | 285 | -1,388 |
Prepaid expenses and other current assets | |||||||||
12,942 | -5,799 | 4,552 | 2,325 | 233 | 2,913 | 2,419 | 2,971 | -3,783 | 2,594 |
Commercial loans receivable | |||||||||
26,543 | -9,400 | 373 | 7,515 | -3,293 | -1,866 | -1,866 | 6,968 | 4,959 | 12,445 |
Accounts payable and accrued liabilities | |||||||||
4,712 | 7,324 | 17,365 | 15,516 | 10,149 | 12,195 | 6,418 | 11,240 | -2,673 | 5,637 |
Net cash provided by operating activities | |||||||||
32,836 | 58,966 | 45,791 | 43,543 | 25,698 | 46,757 | 20,720 | 16,430 | 3,141 | -9,551 |
INVESTING ACTIVITIES | |||||||||
Purchases of property, plant and equipment | |||||||||
7,636 | 8,386 | 5,295 | 3,519 | 2,210 | 2,265 | 755 | 2,427 | 959 | 391 |
Payments for Destiny Homes, net | |||||||||
0 | 1,638 | 0 | 28,121 | 0 | - | - | - | - | - |
Proceeds from sale of property, plant and equipment and assets held for sale | |||||||||
125 | 474 | 145 | 93 | 6,035 | 61 | 1,796 | 5,312 | 1,016 | 13 |
Purchase of Fleetwood Homes assets and certain liabilities | |||||||||
- | - | - | - | - | - | - | - | - | 25,799 |
Purchase of Palm Harbor assets and certain liabilities, net of cash acquired | |||||||||
- | - | - | - | - | - | - | 67,639 | 0 | - |
Purchases of investments | |||||||||
7,337 | 12,537 | 10,930 | 17,114 | 16,707 | 17,121 | 8,243 | 3,484 | 0 | 1,488 |
Proceeds from sale of investments | |||||||||
9,033 | 17,416 | 9,018 | 10,434 | 10,783 | 9,661 | 5,062 | 6,101 | 0 | 5,952 |
Investment in debtor-in-possession note receivable | |||||||||
- | - | - | - | - | - | - | 6,238 | 39,064 | - |
Proceeds from payoff of debtor-in-possession note receivable | |||||||||
- | - | - | - | - | - | - | 45,301 | 0 | - |
Net cash used in investing activities | |||||||||
-5,815 | -4,671 | -7,062 | -38,227 | -2,099 | -9,664 | -2,140 | -23,074 | -39,007 | -21,713 |
FINANCING ACTIVITIES | |||||||||
Proceeds (payments) from exercise of stock options | |||||||||
-114 | -915 | -1,393 | 705 | 500 | 357 | 2,199 | 1,463 | 1,391 | 420 |
Proceeds from issuance of Fleetwood Homes, Inc. stock | |||||||||
- | - | - | - | - | - | - | - | - | 35,000 |
Incremental tax benefits from exercise of stock options | |||||||||
0 | 0 | 2,398 | 1,279 | 3,679 | 51 | 0 | 0 | - | 275 |
Net (repayment) proceeds of construction lending line | |||||||||
- | - | - | - | - | - | -4,550 | 576 | 0 | - |
Proceeds from secured financings and other | |||||||||
392 | 9,079 | 4,270 | 1,383 | 3,573 | 0 | 0 | - | - | - |
Proceeds from issuance of note payable | |||||||||
- | - | - | - | - | - | - | - | 36,000 | - |
Payments on Virgo debt | |||||||||
- | - | - | - | - | - | - | 19,456 | 0 | - |
Payments on securitized financings and other | |||||||||
26,688 | 8,040 | 8,231 | 7,514 | 7,703 | 12,375 | 9,500 | 11,358 | 0 | - |
Net cash used in financing activities | |||||||||
-26,410 | 124 | -2,956 | -4,147 | 49 | -11,967 | -11,851 | -28,775 | 37,391 | 35,695 |
Net increase in cash, cash equivalents and restricted cash | |||||||||
611 | 54,419 | 35,773 | 1,169 | 23,648 | 25,126 | 6,729 | -35,419 | 1,525 | 4,431 |
Supplemental disclosures of cash flow information: | |||||||||
Cash paid for income taxes | |||||||||
19,912 | 17,266 | 18,106 | 15,443 | 7,373 | 6,803 | 6,991 | 3,751 | 1,589 | 18 |
Cash paid for interest | |||||||||
2,302 | 2,910 | 3,402 | 3,862 | 4,103 | 4,709 | 5,527 | 6,873 | 0 | - |
Right-of-use assets recognized | |||||||||
0 | 1,749 | 0 | - | - | - | - | - | - | - |
Operating lease obligations incurred | |||||||||
0 | 1,225 | 0 | - | - | - | - | - | - | - |
Other Significant Noncash Transaction, Value of Consideration Given | |||||||||
- | - | - | - | - | 94,386 | 0 | 0 | - | - |