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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating activities          
Net income $ 66,580 $ 113,778 $ 185,288 $ 199,309  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and finance lease amortization     67,571 54,236  
Amortization of intangible assets 24,932 24,157 76,102 73,698  
Amortization of deferred financing costs and original issue discount     1,835 2,592  
Change in fair value of investments 5,667 (5,198) 17,138 2,938  
Loss on refinancing of debt [1] 1,225 4,861 1,225 4,861  
Deferred income tax expense (benefit)     32,416 (23,546)  
Share-based compensation expense [2] 12,751 13,115 39,111 38,270  
Loss (gain) on disposal of assets     553 (34)  
Loss attributable to the disposition of a business     3,905 0  
Other noncash charges     2,445 2,904  
Excess tax expense (benefits) from equity awards     (476) (642)  
Net changes in operating assets and liabilities:          
Accounts receivable     (31,989) (120,137)  
Inventories     (273,053) 73,390  
Other assets     (53,138) (4,348)  
Accounts payable     143,645 87,343  
Accrued wages and employee benefits     (15,064) 22,482  
Other accrued liabilities     51,205 (11,469)  
Net cash provided by operating activities     248,719 401,847  
Investing activities          
Proceeds from sale of property and equipment     35 144  
Contribution to tax equity investment     0 (1,629)  
Purchase of long-term investments     (3,035) (37,118)  
Proceeds from sale of long-term investments     0 2,000  
Expenditures for property and equipment (21,881) (28,627) (110,534) (83,399)  
Acquisition of business, net of cash acquired     0 (21,784)  
Other investing activities     (1,999) 0  
Net cash used in investing activities     (115,533) (141,786)  
Financing activities          
Proceeds from short-term borrowings     30,860 29,219  
Proceeds from long-term borrowings     134,715 506,465  
Repayments of short-term borrowings     (47,290) (48,868)  
Repayments of long-term borrowings and finance lease obligations     (75,742) (560,644)  
Stock repurchases     (147,917) (152,743)  
Payment of debt issuance costs     (5,275) (3,616)  
Payment of contingent acquisition consideration     (2,700) 0  
Payment of deferred acquisition consideration     0 (7,361)  
Contributions received from noncontrolling interest in subsidiary     979 0  
Dividends paid to noncontrolling interest of subsidiary     (293) 0  
Purchase of additional ownership interest     0 (9,117)  
Taxes paid related to equity awards     (12,864) (12,268)  
Proceeds from the exercise of stock options     4,233 12,366  
Net cash used in financing activities     (121,294) (246,567)  
Effect of foreign exchange rate changes on cash and cash equivalents     6,840 (311)  
Net increase in cash and cash equivalents     18,732 13,183  
Cash and cash equivalents at beginning of period     281,277 200,994 $ 200,994
Cash and cash equivalents at end of period $ 300,009 $ 214,177 $ 300,009 $ 214,177 $ 281,277
[1] For the three and nine months ended September 30, 2025, the loss represents third party costs and the write-off of certain deferred financing costs in connection with the refinancing of the Original Tranche A Term Loan Facility and Original Revolving Facility. For the three and nine months ended September 30, 2024, the loss represents fees paid to creditors and the write-off of the original issue discount and deferred financing costs in connection with the refinancing of the Tranche B Term Loan Facility.
[2] Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.