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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 725,694 $ 312,861 $ 119,497
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 31,976 27,619 24,213
Operating lease cost 58,283 61,583 60,142
Inventory donations 1,264 8,994 109
Provision (recovery) for doubtful accounts, net (2,629) 5,779 1,566
Share-based compensation 38,122 16,361 14,412
Asset impairments 0 21,071 0
Deferred taxes (241,283) (325,061) (16,259)
Other non-cash items 264 5,307 (2,425)
Changes in operating assets and liabilities:      
Accounts receivable, net of allowances (35,063) (47,045) (15,015)
Inventories (43,063) (13,462) (48,156)
Prepaid expenses and other assets (6,212) 5,007 (4,012)
Accounts payable 34,868 23,229 6,032
Accrued expenses and other liabilities 38,448 22,358 13,265
Right-of-use assets and operating lease liabilities (52,752) (61,178) (64,313)
Income taxes 19,248 203,479 902
Cash provided by operating activities 567,165 266,902 89,958
Cash flows from investing activities:      
Purchases of property, equipment, and software (55,916) (42,033) (36,576)
Proceeds from disposal of property and equipment 6 463 616
Other (15) (192) (276)
Cash used in investing activities (55,925) (41,762) (36,236)
Cash flows from financing activities:      
Proceeds from notes issuance 700,000 0 0
Proceeds from bank borrowings 390,000 210,000 315,000
Repayments of bank borrowings (485,000) (235,000) (230,000)
Deferred debt issuance costs (14,755) (518) (1,796)
Dividends — Series A convertible preferred stock [1] 0 0 (2,985)
Repurchases of common stock (1,000,000) (170,832) (147,190)
Repurchases of common stock for tax withholding (20,119) (3,060) (1,527)
Other 236 1,372 (140)
Cash used in financing activities (429,638) (198,038) (68,638)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (3,950) 126 (569)
Net change in cash, cash equivalents, and restricted cash 77,652 27,228 (15,485)
Cash, cash equivalents, and restricted cash — beginning of year 139,273 112,045 127,530
Cash, cash equivalents, and restricted cash — end of year 216,925 139,273 112,045
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Cash paid for interest 10,210 6,658 7,519
Cash paid for income taxes 159,680 20,816 16,050
Accrued purchases of property, equipment, and software $ 15,831 $ 4,222 $ 15,206
[1] Represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock during the year ended December 31, 2019.