v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net earnings $ 107,578 $ 54,446
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 57,333 51,711
Provision for losses on accounts receivable 9,386 2,269
Provision for losses on contract assets (744) 3,926
Non-cash stock-based compensation 19,311 17,909
Net change on revaluation of earnout liabilities 25,570 15,364
Earnout payments in excess of acquisition date fair value (1,071) 0
Deferred income taxes 1,733 (13,689)
Net loss on revaluation of warrant settlement liabilities 0 25,069
Impairment loss on long lived real estate asset 2,033 12,588
Amortization of debt issuance costs 1,708 2,344
Other adjustments 61 (843)
Changes in assets and liabilities:    
Increase in accounts receivable (2,393,734) (1,128,707)
Increase in inventories (90,534) (23,243)
Decrease in contract assets 20,203 36,227
Decrease in long-term accounts receivable 62,276 103,073
Increase in other assets (54,336) (61,411)
Increase in accounts payable 2,329,960 950,439
Decrease in long-term accounts payable (93,537) (103,511)
Increase (decrease) in accrued expenses and other liabilities 16,944 (42,962)
Net cash provided by (used in) operating activities: 20,140 (99,001)
Cash flows from investing activities:    
Proceeds from sale of assets 7,985 0
Purchases of property and equipment (13,855) (11,978)
Net cash used in investing activities: (5,870) (11,978)
Cash flows from financing activities:    
Borrowings on ABL revolving credit facility 3,129,000 3,103,360
Repayments on ABL revolving credit facility (3,008,787) (2,322,961)
Warrants settlement 0 (221,968)
Repayment of principal on the Convertible Notes 0 (333,091)
Net borrowings under inventory financing facilities 42,559 2,077
Payment of debt issuance costs (366) 0
Repurchases of common stock (150,000) (76,118)
Earnout and acquisition related payments (5,456) 0
Other payments (3,115) (12,181)
Net cash provided by financing activities: 3,835 139,118
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances (12,321) 21,959
Increase in cash, cash equivalents and restricted cash 5,784 50,098
Cash, cash equivalents and restricted cash at beginning of period 360,776 261,467
Cash, cash equivalents and restricted cash at end of period $ 366,560 $ 311,565