XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Operating activities      
Net income $ 14,161 $ 116,896  
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation 14,128 12,407  
Amortization of intangible assets 25,823 26,054  
Amortization of original issue discount and deferred financing costs 954 637  
Deferred income taxes (10,712) (49,156)  
Share-based compensation expense [1] 10,334 8,827  
Loss (gain) on disposal of assets 30 (571)  
Other noncash (gains) charges (160) (6,446)  
Net changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 33,925 (66,510)  
Inventories (23,820) (147,250)  
Other assets (5,576) 2,253  
Accounts payable (24,488) 26,363  
Accrued wages and employee benefits 1,630 (21,558)  
Other accrued liabilities (53,790) 102,015  
Excess tax benefits from equity awards (998) (14,103)  
Net cash used in operating activities (18,559) (10,142)  
Investing activities      
Proceeds from sale of property and equipment 84 1,864  
Proceeds from sale of investment 0 1,308  
Proceeds from beneficial interests in securitization transactions 795 1,573  
Contribution to equity method investment 0 (2,921)  
Expenditures for property and equipment (23,977) (28,200)  
Purchase of long-term investment (2,000) 0  
Acquisition of business, net of cash acquired (16,188) (999)  
Net cash used in investing activities (41,286) (27,375)  
Financing activities      
Proceeds from short-term borrowings 19,515 136,664  
Proceeds from long-term borrowings 267,869 110,000  
Repayments of short-term borrowings (5,080) (124,609)  
Repayments of long-term borrowings and finance lease obligations (113,573) (1,737)  
Payment of contingent acquisition consideration (479) 0  
Purchase of additional ownership interest (104,844) 0  
Taxes paid related to equity awards (4,710) (34,620)  
Proceeds from exercise of stock options 4,975 9,903  
Net cash provided by financing activities 63,673 95,601  
Effect of exchange rate changes on cash and cash equivalents 814 600  
Net increase in cash and cash equivalents 4,642 58,684  
Cash and cash equivalents at beginning of period 132,723 147,339 $ 147,339
Cash and cash equivalents at end of period $ 137,365 $ 206,023 $ 132,723
[1] Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.