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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 65,651 $ 56,049
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 30,265 25,739
Amortization of intangible assets 10,029 8,685
Amortization of debt issuance costs 634 807
Deferred income taxes 10,406 6,888
Non-cash stock compensation expense 6,498 6,163
Gain on sale of property, equipment and real estate (351) (1,949)
Other non-cash adjustments 2,248 2,200
Change in assets and liabilities, net of effects of acquisitions    
Accounts receivable, net of allowances (36,201) (30,725)
Inventories 5,175 (8,557)
Accounts payable 49,401 85,178
Other assets and liabilities 9,412 (21,166)
Net cash provided by operating activities 153,167 129,312
Cash flows from investing activities    
Purchases of businesses, net of cash acquired 0 (52,012)
Purchases of property, equipment and real estate (49,079) (45,905)
Proceeds from sale of property, equipment and real estate 633 4,153
Insurance proceeds 0 107
Net cash used in investing activities (48,446) (93,657)
Cash flows from financing activities    
Proceeds from revolving credit facility 144,000 110,987
Repayments of proceeds from revolving credit facility (144,000) (110,987)
Repurchases of common stock under share repurchase program (1,416) (16,446)
Payments on finance lease obligations (3,166) (3,385)
Other financing activities, net (12,192) (6,001)
Net cash used in financing activities (16,774) (25,832)
Net increase in cash and cash equivalents 87,947 9,823
Cash and cash equivalents    
Beginning of period 165,496 150,723
End of period 253,443 160,546
Supplemental disclosure of non-cash transactions    
Accrued purchases of property and equipment 12,493 4,609
Acquisition-related holdback payments due at future date 4,280 1,549
Assets acquired under finance lease obligations 0 635
Right-of-use assets obtained in exchange for operating lease obligations $ 11,870 $ 5,561