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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities    
Net income $ 31,555 $ 37,110
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,425 4,765
Stock-based compensation 2,793 2,295
Loss (Gain) on disposal of property, plant and equipment 10 (22)
Changes in operating assets and liabilities:    
Accounts receivable (128,182) (139,643)
Inventories 7,645 (7,928)
Prepaid expenses and other assets 1,214 118
Accounts payable (7,556) 13,770
Accrued expenses and other liabilities (27,332) (18,972)
Income taxes receivable/payable 6,438 10,399
Net cash used in operating activities (109,990) (98,108)
Investing Activities    
Expenditures for property, plant and equipment and intangibles (8,647) (5,435)
Proceeds from sales of property, plant and equipment 0 24
Net cash used in investing activities (8,647) (5,411)
Financing Activities    
Borrowings under line of credit 35,000 92,500
Principal payments under line of credit 0 (8,000)
Repurchases of common stock (14,457) (8,993)
Proceeds from employee stock purchase and option plans 302 197
Net cash provided by financing activities 20,845 75,704
Net decrease in cash and cash equivalents (97,792) (27,815)
Cash and cash equivalents, beginning of period 105,699 30,514
Cash and cash equivalents, end of period 7,907 2,699
Supplemental Disclosure:    
Cash paid for interest 11 62
Cash paid (received) for income taxes, net $ 1,262 $ (21)