v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:      
Net earnings $ 132,636 $ 104,576 $ 117,982
Less: Net earnings from discontinued operations, net of tax 8,516 28,137 20,655
Net earnings from continuing operations 124,120 76,439 97,327
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities of continuing operations:      
Depreciation and amortization 27,615 27,183 22,499
Provision for credit losses 483 1,732 371
Share-based compensation expense 12,134 10,502 9,471
Deferred taxes 892 3,413 (2,656)
Net loss on disposal of property and equipment 121 283 192
Changes in:      
Accounts receivable (165,298) 194,563 (117,469)
Inventories (80,334) 23,369 101,734
Deferred costs and other assets (9,930) (31,571) (23,973)
Accounts payable (59,306) 6,013 106,967
Salaries and commissions payable, deferred revenue, and other liabilities 32,056 11,992 51,600
Net cash provided by (used in) operating activities of continuing operations (117,447) 323,918 246,063
Net cash provided by (used in) operating activities of discontinued operations 1,216 (21,773) 2,386
Net cash provided by (used in) operating activities (116,231) 302,145 248,449
Cash flows from investing activities:      
Proceeds from sale of property and equipment 74 7 38
Purchases of property and equipment (4,429) (5,271) (7,664)
Cash used in acquisitions, net of cash acquired 0 (124,926) (54,182)
Net cash (used in) investing activities of continuing operations (4,355) (130,190) (61,808)
Net cash provided by (used in) investing activities of discontinued operations 164,165 1,323 (156)
Net cash provided by (used in) investing activities 159,810 (128,867) (61,964)
Cash flows from financing activities:      
Borrowings of non-recourse and recourse notes payable 0 0 252,000
Repayments of non-recourse and recourse notes payable 0 0 (257,997)
Proceeds from issuance of common stock 3,606 3,635 3,019
Repurchase of common stock (30,629) (46,937) (9,853)
Dividend payments (19,662) 0 0
Payments to settle liabilities for acquisitions 0 (2,307) 0
Net borrowings (repayments) on floor plan facility 30,166 (15,577) (47,441)
Net cash (used in) financing activities of continuing operations (16,519) (61,186) (60,272)
Net cash provided by (used in) financing activities of discontinued operations (6,417) 23,610 23,653
Net cash (used in) financing activities (22,936) (37,576) (36,619)
Effect of exchange rate changes on cash 751 652 62
Net increase in cash and cash equivalents 21,394 136,354 149,928
Cash and cash equivalents, beginning of period 389,375 253,021 103,093
Cash and cash equivalents, end of period 410,769 389,375 253,021
Supplemental disclosures of cash flow information:      
Cash paid for interest 102 143 1,516
Cash paid for amounts included in the measurement of lease liabilities 6,566 5,821 4,071
Schedule of non-cash investing and financing activities:      
Purchases of property and equipment (54) (214) (279)
Consideration for acquisitions 0 0 (2,307)
Vesting of share-based compensation 10,281 11,893 9,477
Repurchase of common stock (567) 0 0
New operating lease assets obtained in exchange for lease obligations $ 2,665 $ 7,146 $ 4,883