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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 85,531 $ 59,676
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 35,241 28,982
Amortization of intangible assets 49,541 52,216
Amortization of original issue discount and deferred financing costs 1,948 1,921
Change in fair value of investment 8,136 0
Deferred income taxes (18,140) (14,152)
Share-based compensation expense [1] 25,155 20,379
Gain on disposal of assets (28) (532)
Other noncash charges 1,680 735
Excess tax benefits from equity awards (602) (1,040)
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (74,467) (15,535)
Inventories 12,245 (15,897)
Other assets 12,881 16,333
Accounts payable 73,994 (2,449)
Accrued wages and employee benefits 5,679 6,694
Other accrued liabilities (29,232) (72,743)
Net cash provided by operating activities 189,562 64,588
Investing activities    
Proceeds from sale of property and equipment 85 1,801
Proceeds from beneficial interests in securitization transactions 0 1,472
Contribution to tax equity investment (1,629) (6,627)
Net proceeds from (purchase of) long-term investments 104 (2,000)
Expenditures for property and equipment (54,772) (53,900)
Acquisition of business, net of cash acquired (17,812) (16,188)
Net cash used in investing activities (74,024) (75,442)
Financing activities    
Proceeds from short-term borrowings 20,728 45,989
Proceeds from long-term borrowings 2,881 317,975
Repayments of short-term borrowings (39,011) (21,125)
Repayments of long-term borrowings and finance lease obligations (14,657) (160,557)
Stock repurchases (50,609) 0
Payment of contingent acquisition consideration 0 (4,979)
Payment of deferred acquisition consideration (7,361) 0
Purchase of additional ownership interest (9,117) (104,844)
Taxes paid related to equity awards (9,983) (9,186)
Proceeds from the exercise of stock options 10,620 6,223
Net cash (used in) provided by financing activities (96,509) 69,496
Effect of exchange rate changes on cash and cash equivalents (1,706) 1,403
Net increase in cash and cash equivalents 17,323 60,045
Cash and cash equivalents at beginning of period 200,994 132,723
Cash and cash equivalents at end of period $ 218,317 $ 192,768
[1] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.