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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows provided by (used in) Operating Activities:    
Net income $ 33,895 $ 47,190
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 6,167 5,980
Adjustments to credit losses reserve 1,247 1,642
Stock-based compensation expense 3,636 2,790
Loss on disposal of fixed assets 475 13
Changes in assets and liabilities:    
Accounts receivable 16,370 (38,063)
Inventories 48,948 (16,603)
Prepaid expenses and other current assets (13,653) (3,352)
Other non-current assets 140 27
Accounts payable 44,584 (3,445)
Accrued expenses and other liabilities (6,364) (4,574)
Net cash provided by (used in) operating activities 135,445 (8,395)
Cash Flows used in Investing Activities:    
Purchases of property and equipment (4,860) (4,565)
Net cash used in investing activities (4,860) (4,565)
Cash Flows used in Financing Activities:    
Proceeds from short-term borrowings 67,895 26,054
Repayment of short-term borrowings (67,895) (26,054)
Purchase of common stock for treasury shares (5,392)  
Dividend payments (4,206)  
Issuance of stock under Employee Stock Purchase Plan 537  
Payments of payroll taxes on stock-based compensation through shares withheld (471) (454)
Net cash used in financing activities (9,532) (454)
Increase (decrease) in cash and cash equivalents 121,053 (13,414)
Cash and cash equivalents, beginning of year 122,930 108,310
Cash and cash equivalents, end of period 243,983 94,896
Non-cash Investing and Financing Activities:    
Accrued purchases of property and equipment 205 390
Accrued excise tax on treasury purchases 54  
Supplemental Cash Flow Information:    
Income taxes paid 27,410 21,509
Interest paid $ 18 $ 3