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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Consolidated net income $ 61,983 $ 19,448
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 2,719 2,253
Provision for allowances 3,179 1,095
Deferred income tax expense 2,428 266
Non-cash lease expense 567 622
Impairment charges 1,741 149
Equity compensation 1,601 1,349
Other non-cash costs 446 214
Changes in operating assets and liabilities:    
Accounts receivable (186,701) (76,581)
Prepaid expenses and other assets (557) 568
Income taxes 22,050 617
Accounts payable and accrued expenses 62,979 26,507
Operating lease liabilities (1,273) (1,115)
Other (200) (319)
Net cash used in operating activities (29,038) (24,927)
Cash flows from investing activities    
Purchases of property and equipment (2,096) (1,186)
Net cash used in investing activities (2,096) (1,186)
Cash flows from financing activities    
Principal payments on term loan (437) 0
Debt issuance costs (3,092) (150)
Borrowings under Senior Secured Asset-Based revolving credit facility 415,176 148,016
Repayments on Senior Secured Asset-Based revolving credit facility (372,874) (105,400)
Cash paid for shares withheld for taxes (5,028) (2,026)
Principal payments on note payable (2,426) (2,425)
Other (11) (11)
Net cash provided by financing activities 31,308 38,004
Effect of exchange rate changes on cash (2) (3)
Change in cash and cash equivalents 172 11,888
Cash and cash equivalents at beginning of period 1,036 1,600
Cash and cash equivalents at end of period $ 1,208 $ 13,488