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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Consolidated net income $ 72,631 $ 188,461 $ 132,002
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 18,347 12,576 9,852
Provision for allowances 17,355 15,328 6,499
Deferred income tax expense (benefit) 1,304 5,062 (9,927)
Non-cash lease expense 1,111 1,850 2,424
Impairment charges 719 5,597 2,070
Loss on early extinguishment of debt 1,723 3,728 0
Equity compensation 6,579 7,393 6,894
Other non-cash costs 1,252 199 1,828
Changes in operating assets and liabilities:      
Accounts receivable 251,427 (153,229) (318,420)
Prepaid expenses and other assets 268 (6,915) (3,364)
Income taxes 6,955 (20,111) 7,488
Accounts payable and accrued expenses (126,611) 79,712 83,286
Operating lease liabilities (4,371) (4,962) (6,753)
Other (191) (639) 503
Net cash provided by (used in) operating activities 248,498 134,050 (85,618)
Cash flows from investing activities      
Acquisitions, net of cash acquired 0 (35,182) (27,970)
Acquisition-related settlements 199 94 1,094
Purchases of property and equipment (13,974) (8,786) (7,170)
Net cash used in investing activities (13,775) (43,874) (34,046)
Cash flows from financing activities      
Proceeds from term loan 0 0 175,000
Principal payments on term loan (73,875) (100,438) (688)
Principal payments on note payable 0 (2,426) (2,426)
Debt issuance costs 0 (3,237) (6,098)
Borrowings under Senior Secured Asset-Based revolving credit facility 720,991 1,700,030 443,544
Repayments on Senior Secured Asset-Based revolving credit facility (797,791) (1,632,430) (487,753)
Cash paid for shares withheld for taxes (4,904) (5,267) (2,230)
Payment of contingent consideration (7,500) (7,500) 0
Stock repurchase and retirement (57,654) (35,285) 0
Other (508) (1,046) (255)
Net cash (used in) provided by financing activities (221,241) (87,599) 119,094
Effect of exchange rate changes on cash 8 (9) 6
Change in cash and cash equivalents 13,490 2,568 (564)
Cash and cash equivalents at beginning of year 3,604 1,036 1,600
Cash and cash equivalents at end of year 17,094 3,604 1,036
Supplemental disclosure of cash flow information:      
Interest paid 7,534 12,859 5,773
Income taxes paid $ 21,986 $ 82,893 $ 3,608