XML 139 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 64,975 $ 147,111 $ 137,861
Income (loss) from discontinued operations, net of income taxes 8,480 (38) 1,760
Income (loss) from continuing operations, net of income taxes 56,495 147,149 136,101
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 26,147 13,592 9,424
Stock-based compensation expense 7,327 9,703 12,549
Provision for deferred income taxes 1,015 5,618 28,765
Loss on foreign exchange hedge     3,489
Discounts on notes receivable 1,100    
Gain on sale of central inverter service business (14,795)    
Net loss on disposal of assets 700 481 122
Changes in operating assets and liabilities, net of assets acquired:      
Accounts and other receivable, net (18,879) 3,445 (7,497)
Inventories 3,687 (11,276) (19,261)
Other assets 23,544 (2,975) (1,030)
Accounts payable (16,094) (12,618) 1,812
Other liabilities and accrued expenses (12,486) (3,239) 7,159
Income taxes (9,862) 1,547 18,323
Net cash provided by (used in) operating activities from continuing operations 47,899 151,427 189,956
Net cash provided by (used in) operating activities from discontinued operations 493 (156) (7,255)
Net cash provided by operating activities 48,392 151,271 182,701
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of marketable securities   (95) (107)
Proceeds from sale of marketable securities 1,742 589 1,903
Acquisitions, net of cash acquired (366,101) (93,756) (17,347)
Issuance of notes receivable (4,300)    
Purchase of foreign exchange hedge     (3,489)
Purchases of property and equipment (25,188) (20,330) (9,042)
Net cash provided by (used in) investing activities from continuing operations (393,847) (113,592) (28,082)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from long-term borrowings 347,486    
Payments on long-term borrowings (8,750)    
Purchase and retirement of common stock   (95,125) (29,993)
Net payments related to stock-based award activities 104 (2,009) (1,314)
Net cash provided by (used in) financing activities from continuing operations 338,840 (97,134) (31,307)
EFFECT OF CURRENCY TRANSLATION ON CASH (1,496) (1,030) 2,208
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (8,111) (60,485) 125,520
CASH AND CASH EQUIVALENTS, beginning of period 354,552 415,037 289,517
CASH AND CASH EQUIVALENTS, end of period 346,441 354,552 415,037
Less cash and cash equivalents from discontinued operations   5,251 7,754
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period 346,441 349,301 407,283
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for interest 3,479 228 66
Cash paid for income taxes 18,594 16,190 5,314
Cash received for refunds of income taxes $ 1,762 $ 1,135 $ 1,448