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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 40,221 $ 54,105
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 36,761 15,678
Deferred financing cost amortization 639 280
Stock-based compensation 7,039 6,064
Provision for expected credit losses 1,060 133
Inventory obsolescence 2,397 (296)
Gain on disposal of assets (65) (79)
Deferred income taxes 479 7,623
Changes in operating assets and liabilities:    
Accounts receivable (63,179) (28,087)
Inventories (3,224) (3,112)
Prepaid expenses and other assets (1,136) 2,080
Accounts payable 100,406 (7,923)
Accrued expenses and other liabilities 5,190 (4,921)
Contract liabilities 1,683 0
Net cash provided by operating activities 128,271 41,545
Cash flows from investing activities    
Acquisition of a business, net of cash and cash equivalents acquired (301,011) 0
Investment in unconsolidated affiliate 0 (6,000)
Capital expenditures and other (9,724) (10,230)
Proceeds from sales of assets 746 779
Net cash used in investing activities (309,989) (15,451)
Cash flows from financing activities    
Payments on finance leases (1,914) (1,988)
Dividends paid to Class A common stock shareholders (10,214) (9,216)
Distributions to members (1,502) (5,089)
Repurchases of shares (7,899) (5,498)
Net cash used in financing activities (21,529) (21,791)
Effect of exchange rate changes on cash and cash equivalents 274 515
Net increase in cash and cash equivalents (202,973) 4,818
Beginning of period 494,582 342,843
End of period 291,609 347,661
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 5,992 23,204
Cash paid for interest 763 627
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new lease obligations 4,069 4,128
Property and equipment in accounts payable $ 282 $ 914