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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 199,309 $ 120,310
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 54,236 45,215
Amortization of intangible assets 73,698 78,934
Amortization of capitalized debt fees and original issue discount 2,592 2,902
Change in fair value of investment 2,938 0
Loss on extinguishment of debt [1] 4,861 0
Deferred income taxes (23,546) (18,715)
Share-based compensation expense [2] 38,270 30,306
Gain on disposal of assets (34) (538)
Other noncash charges 2,904 380
Excess tax benefits from equity awards (642) (920)
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (120,137) (68,975)
Inventories 73,390 101,894
Other assets (4,348) 32,175
Accounts payable 87,343 (57,866)
Accrued wages and employee benefits 22,482 10,244
Other accrued liabilities (11,469) (70,622)
Net cash provided by operating activities 401,847 204,724
Investing activities    
Proceeds from sale of property and equipment 144 1,933
Proceeds from beneficial interests in securitization transactions 0 2,533
Contribution to tax equity investment (1,629) (6,627)
Purchase of long-term investments (37,118) (2,592)
Proceeds from sale of long-term investment 2,000 0
Expenditures for property and equipment (83,399) (77,718)
Acquisition of businesses, net of cash acquired (21,784) (15,974)
Net cash used in investing activities (141,786) (98,445)
Financing activities    
Proceeds from short-term borrowings 29,219 49,078
Proceeds from long-term borrowings 506,465 345,384
Repayments of short-term borrowings (48,868) (25,910)
Repayments of long-term borrowings and finance lease obligations (560,644) (233,101)
Stock repurchases (152,743) (100,267)
Payment of debt issuance costs (3,616) 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 (12,268) (10,068)
Proceeds from the exercise of stock options 12,366 7,139
Net cash used in financing activities (246,567) (77,568)
Effect of exchange rate changes on cash and cash equivalents (311) 91
Net increase in cash and cash equivalents 13,183 28,802
Cash and cash equivalents at beginning of period 200,994 132,723
Cash and cash equivalents at end of period $ 214,177 $ 161,525
[1] Represents fees paid to creditors and the write-off of the unamortized original issue discount and deferred financing costs in connection with the restructuring of the Company's Tranche B Term Loan Facility.
[2] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.