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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 89,070 $ 41,131
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 14,154 11,915
Deferred Income Taxes (5,212) 0
Stock-based compensation 3,155 1,972
Loss (gain) on disposal of property, plant and equipment 2,122 0
Other non-cash adjustments 121 121
Changes in operating assets and liabilities:    
Accounts receivable (332,333) (204,014)
Inventories (16,796) 13,571
Prepaid expenses and other assets (319) 291
Accounts payable 26,238 2,975
Accrued expenses and other liabilities 12,041 3,361
Income taxes receivable/payable 33,715 13,206
Net cash used in operating activities (174,044) (115,471)
INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (37,720) (39,192)
Proceeds from sales of property, plant and equipment 106 0
Net cash used in investing activities (37,614) (39,192)
FINANCING ACTIVITIES    
Borrowings under line of credit 258,500 200,500
Principal payments under line of credit (41,000) (53,000)
Repurchases of common stock (5,145) (1,592)
Proceeds from employee stock purchase and option plans 397 316
Financing costs 0 30
Net cash provided by financing activities 212,752 146,254
Net increase (decrease) in cash and cash equivalents 1,094 (8,409)
Cash and cash equivalents, beginning of period 1,959 12,325
Cash and cash equivalents, end of period 3,053 3,916
Supplemental Disclosure:    
Cash paid for interest, net of capitalized interest 0 1,817
Cash paid for income taxes, net 1,444 733
Supplemental non-cash investing and financing disclosure:    
Capital expenditures in accounts payable $ 851 $ 229