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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 44,791 $ 39,208
Adjustments to reconcile net income to net cash (used in) provided by operations:    
Depreciation and amortization expense 15,305 15,225
Non-cash operating lease costs 7,663 5,540
Deferred income taxes - net 2,964 8,626
Amortization of deferred financing costs 1,132 1,083
Equity in earnings of joint ventures (1,125) (1,437)
Stock-based incentive compensation expense 9,605 5,988
Capital distribution from equity method investments 750 2,500
Other adjustments 108 198
Changes in operating assets and liabilities:    
Accounts receivable, net (195,992) (17,812)
Inventories 32,056 (25,362)
Prepaid expenses and other current assets 4,878 9,977
Accounts payable 59,223 70,127
Accrued compensation and employee benefits (49,884) (28,356)
Accrued expenses and other current liabilities 6,811 14,831
Operating lease liabilities (6,651) (5,271)
Other noncurrent assets and liabilities (418) (5,313)
Net cash (used in) provided by operating activities (68,784) 89,752
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (5,820) (5,760)
Net cash used in investing activities (5,820) (5,760)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Exercise of stock options, vesting of restricted stock, and related tax withholdings (8,182) (1,902)
Repayments of debt principal (1,500) (1,500)
Purchase of company stock (40,050) (75,000)
Other financing activities 0 (2,000)
Net cash used in financing activities (49,732) (80,402)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (124,336) 3,590
Cash and cash equivalents - beginning of the period 343,849 294,186
CASH AND CASH EQUIVALENTS - END OF PERIOD 219,513 297,776
Supplemental disclosure of cash flow information:    
Cash paid for interest 12,173 11,161
Cash paid for income taxes 2 0
Cash paid for operating leases $ 7,085 $ 6,527