XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net earnings $ 212,679 $ 190,701
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 72,357 44,698
Provision for losses on accounts receivable 7,440 3,754
Provision for losses on contract assets 2,474 0
Non-cash stock-based compensation 26,216 26,211
Deferred income taxes 16,342 (9,062)
Amortization of debt issuance costs 4,090 3,649
Gain on revaluation of earnout liabilities (30,648) 0
Other adjustments (3,155) (1,356)
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (291,692) 201,628
Decrease in inventories 28,407 75,124
Decrease (increase) in contract assets 49,798 (1,810)
Increase in long-term accounts receivable (434,966) (73,451)
Decrease in other assets 13,626 5,392
Increase (decrease) in accounts payable 374,166 (57,882)
Increase in long-term accounts payable 428,081 52,479
Decrease in accrued expenses and other liabilities (57,484) (46,333)
Net cash provided by operating activities: 417,731 413,742
Cash flows from investing activities:    
Proceeds from sale of assets 13,751 15,515
Purchases of property and equipment (32,371) (29,070)
Acquisitions, net of cash and cash equivalents acquired (270,248) (82,875)
Net cash used in investing activities: (288,868) (96,430)
Cash flows from financing activities:    
Net borrowings (repayments) under inventory financing facilities 3,102 (32,451)
Proceeds from issuance of senior unsecured notes 500,000 0
Payment of debt issuance costs (8,647) 0
Repurchases of common stock (200,020) (217,108)
Repayment of principal on the Convertible Notes (16,895) 0
Earnout and acquisition related payments (18,297) (10,748)
Other payments (8,486) (9,614)
Net cash used in financing activities: (82,523) (235,628)
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances 2,660 (1,074)
Increase in cash, cash equivalents and restricted cash 49,000 80,610
Cash, cash equivalents and restricted cash at beginning of period 270,785 165,718
Cash, cash equivalents and restricted cash at end of period 319,785 246,328
ABL revolving credit facility    
Cash flows from financing activities:    
Borrowings on ABL revolving credit facility 3,631,660 3,416,737
Repayments on ABL revolving credit facility $ (3,964,940) $ (3,382,444)