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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Consolidated net income $ 29,436 $ 61,983
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,904 2,719
Provision for allowances 6,171 3,179
Deferred income tax (benefit) expense (597) 2,428
Non-cash lease expense 252 567
Impairment charges 0 1,741
Equity compensation 1,775 1,601
Other non-cash costs 316 446
Changes in operating assets and liabilities:    
Accounts receivable 7,887 (186,701)
Prepaid expenses and other assets (471) (557)
Income taxes 9,897 22,050
Accounts payable and accrued expenses (11,991) 62,979
Operating lease liabilities (1,084) (1,273)
Other 370 (200)
Net cash provided by (used in) operating activities 46,865 (29,038)
Cash flows from investing activities    
Acquisition-related settlements 182 0
Purchases of property and equipment (3,678) (2,096)
Net cash used in investing activities (3,496) (2,096)
Cash flows from financing activities    
Principal payments on term loan 0 (437)
Debt issuance costs 0 (3,092)
Borrowings under Senior Secured Asset-Based revolving credit facility 347,434 415,176
Repayments on Senior Secured Asset-Based revolving credit facility (357,834) (372,874)
Cash paid for shares withheld for taxes (4,514) (5,028)
Principal payments on note payable 0 (2,426)
Stock repurchase and retirement (31,760) 0
Other (7) (11)
Net cash (used in) provided by financing activities (46,681) 31,308
Effect of exchange rate changes on cash (1) (2)
Change in cash and cash equivalents (3,313) 172
Cash and cash equivalents at beginning of period 3,604 1,036
Cash and cash equivalents at end of period $ 291 $ 1,208