v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows Provided by (Used in) Operating Activities:    
Net income $ 114,711 $ 59,842
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30,499 15,519
Share-based compensation 3,727 3,111
Loss on extinguishment of debt   13,862
Loss on sale of property and equipment 207 56
Amortization of debt issuance costs 706 422
Provision for bad debt expense 2,512 1,765
Loss from inventory obsolescence 868 653
Gain on foreign exchange (649)  
Deferred income taxes, net (81) (183)
Change in certain assets and liabilities    
Receivables, net (65,031) (20,831)
Inventories, net (38,570) (2,088)
Prepaid expenses and other current assets (2,347) 3,517
Accounts payable 12,663 (2,244)
Accrued liabilities 29,523 16,591
Other, net 745 (570)
Net cash provided by operating activities 89,483 89,422
Cash Flows Provided by (Used in) Investing Activities:    
Purchases of property and equipment (18,413) (12,284)
Acquisition of businesses, net of cash acquired (13,967) (61,092)
Proceeds from sale of property and equipment 253 56
Net cash used in investing activities (32,127) (73,320)
Cash Flows Provided by (Used in) Financing Activities:    
Proceeds from issuance of long-term debt   411,250
Repayment of long-term debt (9,634) (415,856)
Payment of debt issuance costs   (6,500)
Taxes withheld and paid on employees' equity awards (11,658) (11,480)
Exercise of stock options 808 5,952
Repurchase of shares of common stock (50,000) (9,856)
Payment of contingent consideration (23)  
Net cash used in financing activities (70,507) (26,490)
Cash and Cash Equivalents    
Impact of exchange rate changes on cash (75)  
Net decrease in cash and cash equivalents (13,226) (10,388)
Cash and cash equivalents- Beginning of period 139,779 330,007
Cash and cash equivalents- End of period 126,553 319,619
Supplemental disclosure of cash paid for:    
Leased assets obtained in exchange for new operating lease liabilities 22,449 20,322
Accruals for property and equipment $ 213 $ 524

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