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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net earnings $ 130,454 $ 145,815
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 29,148 26,769
Provision for losses on accounts receivable 2,585 2,743
Non-cash stock-based compensation 16,663 10,434
Deferred income taxes (1,231) (575)
Amortization of debt issuance costs 2,430 3,268
Other adjustments (2,801) 1,810
Changes in assets and liabilities:    
Increase in accounts receivable (368,612) (734,971)
Decrease (increase) in inventories 14,596 (56,811)
Increase in other assets (34,877) (53,802)
Increase in accounts payable 420,349 223,198
Decrease in accrued expenses and other liabilities (20,744) (9,875)
Net cash provided by (used in) operating activities: 187,960 (441,997)
Cash flows from investing activities:    
Proceeds from sale of assets 15,515 1,350
Purchases of property and equipment (13,202) (47,256)
Acquisitions, net of cash and cash equivalents acquired 0 (68,248)
Net cash provided by (used in) investing activities: 2,313 (114,154)
Cash flows from financing activities:    
Net borrowings (repayments) under inventory financing facilities 30,848 (62,119)
Repurchases of common stock (217,108) 0
Earn out payments (10,748) 0
Other payments (9,161) (6,938)
Net cash (used in) provided by financing activities: (161,059) 598,418
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances 3,050 (8,606)
Increase in cash, cash equivalents and restricted cash 32,264 33,661
Cash, cash equivalents and restricted cash at beginning of period 165,718 105,977
Cash, cash equivalents and restricted cash at end of period 197,982 139,638
ABL Facility    
Cash flows from financing activities:    
Borrowings on ABL revolving credit facility 2,259,356 2,592,440
Repayments on ABL revolving credit facility $ (2,214,246) $ (1,924,965)