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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 54,504 $ 41,325
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 21,570 20,623
Amortization of operating lease right-of-use assets 10,549 8,545
Amortization of intangibles 17,574 13,404
Amortization of deferred financing costs and debt discount 663 670
Provision for credit losses 102 2,668
Gain on sale of property and equipment (560) (144)
Noncash stock compensation 6,693 5,415
Deferred income taxes 0 (1,679)
Amortization of terminated interest rate swap   0
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (3,953) (3,158)
Inventories (19,973) 6,072
Other assets (1,225) 9,351
Accounts payable 3,724 (18,504)
Income taxes receivable/payable (297) 16,015
Other liabilities (7,538) 4,922
Net cash provided by operating activities 83,435 105,525
Cash flows from investing activities    
Purchases of investments 0 (776)
Maturities of short term investments 0 22,050
Purchases of property and equipment (20,278) (16,345)
Acquisitions of businesses, net of cash acquired of $168 and $0 in 2021 and 2020, respectively (67,715) (12,625)
Proceeds from sale of property and equipment 1,112 314
Other (5) (1,340)
Net cash used in investing activities (86,886) (8,722)
Cash flows from financing activities    
Proceeds from vehicle and equipment notes payable 15,103 12,768
Debt issuance costs 0 (157)
Principal payments on long-term debt (13,012) (13,205)
Principal payments on finance lease obligations (1,041) (1,392)
Dividends paid (17,607) 0
Acquisition-related obligations (2,050) (3,486)
Surrender of common stock awards by employees 0 (15,759)
Net cash used in financing activities (24,158) (22,204)
Net change in cash and cash equivalents (27,609) 74,599
Cash and cash equivalents at beginning of period 231,520 177,889
Cash and cash equivalents at end of period 203,911 252,488
Supplemental disclosures of cash flow information    
Interest 12,899 13,006
Income taxes, net of refunds 15,288 476
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 16,967 10,229
Release of indemnification of acquisition-related debt 2,036 0
Property and equipment obtained in exchange for finance lease obligations 1,134 600
Seller obligations in connection with acquisition of businesses 12,954 4,037
Unpaid purchases of property and equipment included in accounts payable 886 1,981
Common Stock Awards    
Cash flows from financing activities    
Surrender of common stock awards by employees $ (5,551) $ (973)