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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 15,027 $ 9,781
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization of intangible assets and loan fees 8,364 8,463
Gain on disposition of property, plant, and equipment (220) 0
Stock based compensation expense 2,609 2,466
Other non-cash activity (20) (52)
Changes in assets and liabilities, net of business acquisition    
Accounts receivable (49,088) (84,250)
Inventories (56,262) (13,567)
Other assets (392) (2,065)
Accounts payable (1,727) 36,019
Accrued wages payable (5,209) (1,988)
Other accrued expenses 1,774 1,866
Net cash used in operating activities (85,144) (43,327)
Cash flows from investing activities    
Proceeds from disposition of property, plant, and equipment 728 0
Purchase of property, plant, and equipment (1,550) (1,910)
Business acquisitions (net of cash acquired) 0 (27,634)
Net cash used in investing activities (822) (29,544)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 10,000 15,000
Principal payments on long-term debt (11,900) (16,900)
Principal payments on finance lease obligations (475) (346)
Tax withholding payments on Restricted Stock Units (2,699) (840)
Net cash used in financing activities (5,074) (3,086)
Net change in cash and cash equivalents (91,040) (75,957)
Effect of exchange rate changes on cash and cash equivalents 45 102
Cash and cash equivalents, beginning of period 116,369 101,265
Cash and cash equivalents, end of period 25,374 25,410
Supplemental cash flow information    
Interest paid, net 7,268 6,808
Net change in property, plant, and equipment acquired through accounts payable (31) (34)
Finance lease additions 25 0
Income taxes paid, net of refunds $ 18 $ 3