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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 22,029 $ 20,350
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 14,982 12,445
Amortization of intangible assets 5,013 4,347
Amortization of debt issuance costs 317 421
Deferred income taxes 10,297 6,771
Non-cash stock compensation expense 3,170 2,915
Gain on sale of property, equipment and real estate (143) (913)
Other non-cash adjustments 0 1,778
Change in assets and liabilities, net of effects of acquisitions    
Accounts receivable, net of allowances (26,031) (9,463)
Inventories (29,680) 1,499
Accounts payable 43,277 69,741
Other assets and liabilities (26,165) (32,132)
Net cash provided by operating activities 17,066 77,759
Cash flows from investing activities    
Purchases of businesses, net of cash acquired 0 (52,012)
Purchases of property, equipment and real estate (30,509) (15,429)
Proceeds from sale of property, equipment and real estate 349 2,343
Net cash used in investing activities (30,160) (65,098)
Cash flows from financing activities    
Proceeds from revolving credit facility 144,000 110,987
Repayments of proceeds from revolving credit facility 0 (110,987)
Repurchases of common stock under share repurchase program (1,416) (15,219)
Payments on finance lease obligations (1,628) (1,708)
Other financing activities, net (10,543) (4,875)
Net cash provided by (used in) financing activities 130,413 (21,802)
Net increase (decrease) in cash and cash equivalents 117,319 (9,141)
Cash and cash equivalents    
Beginning of period 165,496 150,723
End of period 282,815 141,582
Supplemental disclosure of non-cash investing and financing transactions    
Accrued purchases of property and equipment 7,236 7,613
Acquisition-related holdback payments due at future date 4,990 2,500
Accrued repurchases of common stock under share repurchase program $ 0 $ 490