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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 149,543 $ 72,760
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,136 7,895
Operating lease cost 18,199 14,231
Share-based compensation 7,464 8,275
Other non-cash items 383 9,695
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:    
Accounts receivable (122,144) (130,661)
Inventories (5,220) (28,124)
Prepaid expenses and other assets (35,859) (14,584)
Accounts payable, accrued expenses and other liabilities [1] (31,824) (11,226)
Right-of-use assets and operating lease liabilities (17,421) (14,742)
Income taxes [1] 33,674 17,716
Cash provided by (used in) operating activities 9,931 (68,765)
Cash flows from investing activities:    
Purchases of property, equipment, and software (27,581) (39,786)
Acquisition of HEYDUDE, net of cash acquired 0 (2,031,765)
Other 0 85
Cash used in investing activities (27,581) (2,071,466)
Cash flows from financing activities:    
Proceeds from borrowings 214,634 2,240,163
Repayments of borrowings (256,000) (85,000)
Deferred debt issuance costs (545) (49,486)
Repurchases of common stock for tax withholding (10,395) (6,288)
Other 0 95
Cash provided by (used in) financing activities (52,306) 2,099,484
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 4,000 (810)
Net change in cash, cash equivalents, and restricted cash (65,956) (41,557)
Cash, cash equivalents, and restricted cash—beginning of period 194,885 216,925
Cash, cash equivalents, and restricted cash—end of period $ 128,929 $ 175,368
[1] Amounts for the three months ended March 31, 2022 have been reclassified to conform to current period presentation.