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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 89,646 $ 91,622
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 39,722 37,297
Amortization of intangible assets 13,237 11,263
Amortization of debt issuance costs 1,124 1,263
Deferred income taxes 4,857 1,314
Non-cash stock compensation expense 9,177 8,226
Gain on sale of property, equipment and real estate (1,839) (3,435)
Other non-cash adjustments 2,314 686
Change in assets and liabilities, net of effects of acquisitions    
Accounts receivable, net of allowances (24,068) (59,768)
Inventories, net (494) (41,883)
Accounts payable 68,456 29,897
Other assets and liabilities (3,715) 34,156
Net cash provided by operating activities 198,417 110,638
Cash flows from investing activities    
Purchases of businesses, net of cash acquired (85,780) (20,970)
Purchases of property, equipment and real estate (67,582) (42,704)
Proceeds from sale of property, equipment and real estate 4,444 10,968
Insurance proceeds 107 1,991
Net cash used in investing activities (148,811) (50,715)
Cash flows from financing activities    
Proceeds from revolving line of credit 110,987 713,264
Repayments of proceeds from revolving line of credit (110,987) (717,726)
Repurchases of common stock under share repurchase program (16,446) 0
Payments on finance lease obligations (5,094)  
Payments on finance lease obligations   (5,937)
Principal payments on other notes 0 (75)
Other financing activities, net (5,530) (3,508)
Net cash used in financing activities (27,070) (13,982)
Net increase in cash and cash equivalents 22,536 45,941
Cash and cash equivalents    
Beginning of period 150,723 11,750
End of period 173,259 57,691
Supplemental disclosure of non-cash investing and financing transactions    
Acquisition-related holdback payments due at future date 5,478 1,403
Acquisition-related post-closing adjustment receivable $ 951 0
Assets acquired under capital lease obligations   $ 821