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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 11,091 $ 24,710
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,907 6,136
Operating lease cost 14,994 14,930
Share-based compensation 3,964 3,634
Other non-cash items 5,877 (911)
Changes in operating assets and liabilities:    
Accounts receivable, net of allowances (73,232) (80,722)
Inventories (29,268) (15,099)
Prepaid expenses and other assets 3,294 6,875
Accounts payable, accrued expenses and other liabilities (16,218) (3,658)
Operating lease liabilities (12,323) (19,610)
Cash used in operating activities (84,914) (63,715)
Cash flows from investing activities:    
Purchases of property, equipment, and software (16,076) (10,553)
Proceeds from disposal of property and equipment 25 225
Other (116) 0
Cash used in investing activities (16,167) (10,328)
Cash flows from financing activities:    
Proceeds from bank borrowings 145,000 95,000
Dividends—Series A convertible preferred stock [1] 0 (2,985)
Repurchases of common stock (39,159) (53,478)
Other (2,717) (1,662)
Cash provided by financing activities 103,124 36,875
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (3,496) (22)
Net change in cash, cash equivalents, and restricted cash (1,453) (37,190)
Cash, cash equivalents, and restricted cash—beginning of period 112,045 127,530
Cash, cash equivalents, and restricted cash—end of period $ 110,592 $ 90,340
[1] For the three months ended March 31, 2019, represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock.