Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 30,559 $ 54,552
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,142 27,976
Non-cash lease expense 37,419 33,564
Provision for uncollectible accounts receivable 1,502 145
Deferred income taxes 2,101 488
Stock-based compensation 12,008 11,208
Other, net (9,800) 491
Changes in operating assets and liabilities:    
Accounts receivable 191,737 203,846
Inventories (88,753) (135,251)
Prepaid expenses and other current assets (2,809) 30,396
Prepaid expenses and other current assets 2,809 (30,396)
Other assets (1,159) (366)
Accounts payable 31,105 (69,305)
Accrued liabilities (63,626) (90,759)
Income taxes payable (26,688) (27,303)
Operating lease assets and liabilities 37,275 34,317
Other liabilities 1,112 3,611
Net cash provided by operating activities 108,893 9,708
Cash flows from investing activities:    
Purchases of short-term investments (388,348) (117,877)
Sales and maturities of short-term investments 446,087 50,747
Capital expenditures 27,788 22,803
Net cash provided by (used in) investing activities 29,951 (89,933)
Cash flows from financing activities:    
Proceeds from credit facilities 0 837
Repayments on credit facilities 0 (837)
Proceeds from issuance of common stock related to stock-based compensation 3,747 4,624
Tax payments related to stock-based compensation (4,461) (4,400)
Repurchase of common stock (102,618) (78,319)
Cash dividends paid 35,628 37,099
Net cash used in financing activities (138,960) (115,194)
Net effect of exchange rate changes on cash (8,381) (3,251)
Net decrease in cash and cash equivalents (8,497) (198,670)
Cash and cash equivalents, beginning of period 341,822 231,571
Cash and cash equivalents, end of period 341,822 231,571
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 58,151 61,131
Supplemental disclosures of non-cash investing and financing activities:    
Property, plant and equipment acquired through increase in liabilities 6,283 5,982
Repurchases of common stock not settled $ 8,114 $ 0