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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 44,278 $ 26,478
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and finance lease amortization 20,652 17,152
Amortization of intangible assets 25,489 24,750
Amortization of deferred financing costs and original issue discount 636 973
Change in fair value of investment 9,947 6,019
Deferred income taxes (4,182) (5,405)
Share-based compensation expense [1] 11,608 12,440
Loss (gain) on disposal of assets 303 (52)
Other noncash charges 626 1,410
Excess tax (benefits) expense from equity awards (164) 1,009
Net changes in operating assets and liabilities:    
Accounts receivable 48,350 13,664
Inventories (57,203) (18,109)
Other assets 2,145 (920)
Accounts payable (33,007) 44,682
Accrued wages and employee benefits (31,554) (8,512)
Other accrued liabilities 20,228 (3,681)
Net cash provided by operating activities 58,152 111,898
Investing activities    
Proceeds from sale of property and equipment 54 51
Contribution to tax equity investment 0 (1,629)
Purchase of long-term investment (2,656) (239)
Proceeds from sale of long-term investment 0 2,000
Expenditures for property and equipment (30,937) (26,820)
Net cash used in investing activities (33,539) (26,637)
Financing activities    
Proceeds from short-term borrowings 19,236 8,970
Proceeds from long-term borrowings 943 471
Repayments of short-term borrowings (19,985) (18,489)
Repayments of long-term borrowings and finance lease obligations (14,450) (7,030)
Stock repurchases (97,454) 0
Payment of deferred acquisition consideration 0 (6,000)
Purchase of additional ownership interest 0 (9,117)
Taxes paid related to equity awards (8,601) (5,455)
Proceeds from the exercise of stock options 592 319
Net cash used in financing activities (119,719) (36,331)
Effect of foreign exchange rate changes on cash and cash equivalents 1,293 (569)
Net (decrease) increase in cash and cash equivalents (93,813) 48,361
Cash and cash equivalents at beginning of period 281,277 200,994
Cash and cash equivalents at end of period $ 187,464 $ 249,355
[1] Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.