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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net income $ 214,054 $ 193,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,331 26,511
Provision for credit losses 2,325 2,092
Deferred income taxes (3,757) (5,028)
Share-based compensation expense 13,930 11,173
Other (362) 235
Changes in assets and liabilities:    
Accounts receivable (44,133) (37,531)
Inventories (23,887) (18,854)
Other assets and liabilities (5,307) (52,904)
Accounts payable 3,327 (4,016)
Deferred revenue (609) (937)
Net cash provided by operating activities 183,912 114,706
Cash Flows from Investing Activities:    
Purchases of property and equipment (39,511) (31,838)
Acquisition of intangible assets 0 (10,000)
Net cash used by investing activities (39,511) (41,838)
Cash Flows from Financing Activities:    
(Repayments) borrowings under credit facility, net (147,500) 326,500
Payment of senior debt 0 (75,000)
Payments of acquisition-related holdbacks (1,780) 0
Repurchases of common stock, net 0 (266,295)
Proceeds from exercises of stock options and employee stock purchase plans 12,796 11,653
Shares withheld for statutory tax withholding payments on restricted stock (9,597) (10,338)
Net cash used by financing activities (146,081) (13,480)
Net effect of changes in exchange rates on cash 501 776
Net decrease in cash and cash equivalents (1,179) 60,164
Cash and cash equivalents at beginning of period 112,546 144,454
Cash and cash equivalents at end of period 111,367 204,618
Supplemental Cash Flow Information:    
Cash paid for income taxes 7,200 11,400
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 12,453 $ 11,016