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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Consolidated net income $ 149,670 $ 54,429
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,414 7,132
Provision for allowances 10,016 3,836
Deferred income tax expense 2,797 2,797
Non-cash lease expense 1,437 1,866
Impairment charges 5,597 2,070
Loss on early extinguishment of debt 1,912 0
Equity compensation 5,206 5,257
Other non-cash costs 64 833
Changes in operating assets and liabilities:    
Accounts receivable (127,003) (122,887)
Prepaid expenses and other assets 1,236 (259)
Income taxes (13,220) 759
Accounts payable and accrued expenses 87,156 36,675
Operating lease liabilities (3,817) (4,592)
Other (735) (169)
Net cash provided by (used in) operating activities 129,730 (12,253)
Cash flows from investing activities    
Acquisitions, net of cash acquired 0 (24,470)
Purchases of property and equipment (6,763) (4,890)
Net cash used in investing activities (6,763) (29,360)
Cash flows from financing activities    
Proceeds from term loan 0 100,000
Principal payments on term loan (50,438) (250)
Debt issuance costs (3,159) (4,573)
Borrowings under Senior Secured Asset-Based revolving credit facility 1,275,808 288,467
Repayments on Senior Secured Asset-Based revolving credit facility (1,275,808) (337,876)
Cash paid for shares withheld for taxes (5,267) (2,230)
Principal payments on note payable (2,426) (2,426)
Stock repurchase and retirement (24,348) 0
Payment of contingent consideration (7,500) 0
Other (536) (243)
Net cash (used in) provided by financing activities (93,674) 40,869
Effect of exchange rate changes on cash (9) (14)
Change in cash and cash equivalents 29,284 (758)
Cash and cash equivalents at beginning of period 1,036 1,600
Cash and cash equivalents at end of period $ 30,320 $ 842