XML 18 R7.htm IDEA: XBRL DOCUMENT v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 137,556 $ 160,103
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,240 18,537
Operating lease cost 28,053 24,186
Share-based compensation 10,607 8,777
Asset impairment 3,301 0
Deferred taxes 954 13,589
Other non-cash items 4,568 (355)
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:    
Accounts receivable (165,459) (183,607)
Inventories (30,959) (36,633)
Prepaid expenses and other assets (20,246) 3,516
Accounts payable, accrued expenses and other liabilities (64,574) (71,094)
Right-of-use assets and operating lease liabilities (27,786) (23,901)
Income taxes 22,811 19,647
Cash used in operating activities (80,934) (67,235)
Cash flows from investing activities:    
Purchases of property, equipment, and software (18,000) (15,375)
Cash used in investing activities (18,000) (15,375)
Cash flows from financing activities:    
Proceeds from borrowings 178,550 195,000
Repayments of borrowings (76,000) (65,000)
Repurchases of common stock 0 (60,866)
Repurchases of common stock for tax withholding (2,455) (3,310)
Cash provided by financing activities 100,095 65,824
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (724) 2,845
Net change in cash, cash equivalents, and restricted cash 437 (13,941)
Cash, cash equivalents, and restricted cash—beginning of period 133,911 183,678
Cash, cash equivalents, and restricted cash—end of period $ 134,348 $ 169,737