$MPAA

MOTORCAR PARTS & ACCESSORIES INC

CIK:0000918251|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 168,021,000	$ 188,364,000
Cost of goods sold	140,847,000	154,447,000
Gross profit	27,174,000	33,917,000
Operating expenses:
General and administrative	15,517,000	12,680,000
Sales and marketing	6,546,000	6,210,000
Research and development	3,176,000	3,306,000
Foreign exchange impact of lease liabilities and forward contracts	(1,597,000)	(8,348,000)
Total operating expenses	23,642,000	13,848,000
Operating income	3,532,000	20,069,000
Other expenses:
Interest expense, net	12,044,000	12,812,000
Change in fair value of compound net derivative liability	1,540,000	1,790,000
Total other expenses	13,584,000	14,602,000
(Loss) income before income tax expense	(10,052,000)	5,467,000
Income tax expense	3,369,000	2,425,000
Net (loss) income	$ (13,421,000)	$ 3,042,000
Basic net (loss) income per share (in Dollars per share)	$ (0.71)	$ 0.16
Diluted net (loss) income per share (in Dollars per share)	$ (0.71)	$ 0.15
Weighted average number of shares outstanding:
Basic (in Shares)	18,922,938	19,369,060
Diluted (in Shares)	18,922,938	19,917,663

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (13,421,000)	$ 3,042,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	2,742,000	2,449,000
Amortization of debt issuance costs	654,000	590,000
Amortization of interest on contract liabilities	182,000	162,000
Accrued interest on convertible notes, related party	1,065,000	968,000
Amortization of core premiums paid to customers	3,000,000	2,621,000
Amortization of finished goods premiums paid to customers	406,000	226,000
Noncash lease expense	2,682,000	2,435,000
Foreign exchange impact of lease liabilities and forward contracts	(1,597,000)	(8,348,000)
Change in fair value of compound net derivative liability	1,540,000	1,790,000
Gain on short-term investments	(190,000)	(131,000)
Net provision for inventory reserves	1,810,000	2,084,000
Net provision for customer payment discrepancies and credit losses	(645,000)	401,000
Deferred income taxes	(251,000)	(339,000)
Share-based compensation expense	2,138,000	946,000
Loss on disposal of plant and equipment	1,000	17,000
Changes in operating assets and liabilities:
Accounts receivable	41,898,000	5,994,000
Inventory	(18,297,000)	(8,046,000)
Prepaid expenses and other current assets	34,000	725,000
Other assets	167,000	394,000
Accounts payable and accrued liabilities	(19,054,000)	4,013,000
Customer finished goods returns accrual	3,206,000	(1,551,000)
Contract assets	(10,714,000)	(7,499,000)
Contract liabilities	(5,993,000)	9,359,000
Operating lease liabilities	(2,614,000)	(2,484,000)
Other liabilities	(52,000)	210,000
Net cash (used in) provided by operating activities	(11,303,000)	10,028,000
Cash flows from investing activities:
Purchase of plant and equipment	(1,108,000)	(807,000)
Purchase of intangible assets	(4,000,000)	0
Redemption of short-term investments	(61,000)	1,000
Net cash used in investing activities	(5,169,000)	(806,000)
Cash flows from financing activities:
Borrowings under revolving loan	207,065,000	188,676,000
Repayments of revolving loan	(182,894,000)	(192,607,000)
Payments on finance lease obligations	(328,000)	(385,000)
Exercise of stock options	24,000	0
Cash used to net share settle equity awards	(1,115,000)	(496,000)
Repurchase of common stock, including fees	(1,929,000)	(1,966,000)
Net cash provided by (used in) financing activities	20,823,000	(6,778,000)
Effect of exchange rate changes on cash and cash equivalents	119,000	606,000
Net increase in cash and cash equivalents	4,470,000	3,050,000
Cash and cash equivalents — Beginning of period	14,650,000	9,429,000
Cash and cash equivalents — End of period	19,120,000	12,479,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	10,088,000	11,154,000
Cash paid for income taxes, net of refunds	2,425,000	550,000
Cash paid for operating leases	3,490,000	3,688,000
Cash paid for finance leases	401,000	459,000
Plant and equipment acquired under finance leases	0	1,788,000
Assets acquired under operating leases	1,756,000	198,000
Accrued capital expenditures	$ 279,000	$ 192,000

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 19,120,000	$ 14,650,000
Short-term investments	2,279,000	2,028,000
Accounts receivable — net	71,362,000	112,614,000
Inventory — net	413,289,000	397,041,000
Contract assets	35,057,000	34,552,000
Prepaid expenses and other current assets	23,056,000	23,097,000
Total current assets	564,163,000	583,982,000
Plant and equipment — net	29,300,000	30,739,000
Operating lease assets	63,833,000	63,103,000
Long-term deferred income taxes	4,304,000	4,039,000
Long-term contract assets	338,242,000	331,221,000
Goodwill and intangible assets — net	7,355,000	3,440,000
Other assets	2,827,000	2,913,000
TOTAL ASSETS	1,010,024,000	1,019,437,000
Current liabilities:
Accounts payable and accrued liabilities	177,487,000	200,499,000
Customer finished goods returns accrual	33,164,000	29,923,000
Contract liabilities	47,570,000	61,201,000
Revolving loan	118,839,000	94,668,000
Other current liabilities	4,695,000	4,348,000
Operating lease liabilities	9,398,000	8,957,000
Total current liabilities	391,153,000	399,596,000
Convertible notes, related party	$ 44,795,000	$ 38,993,000
Notes Payable, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Long-term contract liabilities	$ 256,961,000	$ 249,108,000
Long-term deferred income taxes	406,000	425,000
Long-term operating lease liabilities	55,665,000	56,969,000
Other liabilities	8,055,000	8,336,000
Total liabilities	757,035,000	753,427,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 18,933,207 and 18,924,818 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively	189,000	189,000
Additional paid-in capital	225,827,000	226,709,000
Retained earnings	19,006,000	32,427,000
Accumulated other comprehensive income	7,967,000	6,685,000
Total shareholders' equity	252,989,000	266,010,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,010,024,000	1,019,437,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0