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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income $ 48,545 $ 42,402
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 6,423 3,851
Stock-based compensation 2,176 2,775
Gain on disposal of property, plant and equipment (98) (123)
Other non-cash adjustments 77 32
Changes in operating assets and liabilities:    
Accounts receivable (202,781) (162,780)
Inventories (6,774) (2,610)
Prepaid expenses and other assets (809) 1,059
Accounts payable 10,494 8,865
Accrued expenses and other liabilities (14,453) (14,089)
Income taxes receivable/payable 14,626 11,850
Net cash used in operating activities (142,574) (108,768)
Investing Activities    
Expenditures for property, plant and equipment (58,093) (22,733)
Proceeds from sales of property, plant and equipment 293 2,136
Net cash used in investing activities (57,800) (20,597)
Financing Activities    
Borrowings under line of credit 142,000 36,500
Principal payments under line of credit (6,000) (8,000)
Repurchases of common stock (49,566) (42,929)
Proceeds from employee stock purchase and option plans 460 300
Net cash provided by (used in) financing activities 86,894 (14,129)
Net decrease in cash and cash equivalents (113,480) (143,494)
Cash and cash equivalents, beginning of period 121,701 148,833
Cash and cash equivalents, end of period 8,221 5,339
Supplemental Disclosure:    
Cash paid for interest 92 1
Cash paid for income taxes, net $ 1,319 $ 1,405