v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows Provided by (Used in) Operating Activities:    
Net income $ 412,156 $ 245,658
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 93,051 51,005
Share-based compensation 9,673 8,375
Loss on extinguishment of debt   13,862
Loss on sale of property and equipment 76 1,410
Amortization of debt issuance costs 2,147 1,352
Provision for bad debt expense 8,837 5,215
Loss from inventory obsolescence 5,127 1,667
Change in certain assets and liabilities    
Receivables, net (152,578) (62,257)
Inventories, net (101,148) (30,115)
Prepaid expenses and other current assets (807) (2,984)
Accounts payable 49,079 47,907
Accrued liabilities 3,469 30,397
Other, net 6,548 (1,987)
Net cash provided by operating activities 335,630 309,505
Cash Flows Provided by (Used in) Investing Activities:    
Purchases of property and equipment (56,044) (42,320)
Acquisition of businesses, net of cash acquired (20,500) (205,028)
Proceeds from sale of property and equipment 2,877 298
Net cash used in investing activities (73,667) (247,050)
Cash Flows Provided by (Used in) Financing Activities:    
Proceeds from issuance of long-term debt   411,250
Repayment of long-term debt (28,968) (427,563)
Payment of debt issuance costs   (6,500)
Proceeds from revolving credit facility 70,000  
Repayment of revolving credit facility (70,000)  
Taxes withheld and paid on employees' equity awards (11,719) (11,511)
Exercise of stock options 2,028 5,952
Repurchase of shares of common stock (200,050) (35,556)
Payment of contingent consideration (1,674) (628)
Net cash used in financing activities (240,383) (64,556)
Cash and Cash Equivalents    
Impact of exchange rate changes on cash (1,975)  
Net increase (decrease) in cash and cash equivalents 19,605 (2,101)
Cash and cash equivalents- Beginning of period 139,779 330,007
Cash and cash equivalents- End of period 159,384 327,906
Supplemental disclosure of noncash activities:    
Leased assets obtained in exchange for new operating lease liabilities 80,186 51,190
Accruals for property and equipment $ 395 $ 580

Source