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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 89,396 $ 69,402
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 32,498 30,850
Amortization of operating lease right-of-use assets 16,464 13,281
Amortization of intangibles 26,798 20,378
Amortization of deferred financing costs and debt discount 993 1,000
Provision for credit losses 1,135 3,839
Gain on sale of property and equipment (1,405) (592)
Noncash stock compensation 10,228 8,050
Deferred income taxes 0 (3,405)
Amortization of terminated interest rate swap   508
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (23,224) (9,624)
Inventories (37,122) 5,983
Other assets (8,116) 9,027
Accounts payable 14,120 (14,746)
Income taxes receivable/payable (107) 14,192
Other liabilities (7,594) (4,259)
Net cash provided by operating activities 116,478 143,884
Cash flows from investing activities    
Purchases of investments 0 (776)
Maturities of short term investments 0 37,473
Purchases of property and equipment (27,898) (25,515)
Acquisitions of businesses, net of cash acquired of $1,640 and $0 in 2021 and 2020, respectively (94,500) (38,825)
Proceeds from sale of property and equipment 2,219 828
Other (1,430) (2,662)
Net cash used in investing activities (121,609) (29,477)
Cash flows from financing activities    
Proceeds from vehicle and equipment notes payable 20,753 17,759
Debt issuance costs 0 (157)
Principal payments on long-term debt (19,688) (19,801)
Principal payments on finance lease obligations (1,573) (1,998)
Dividends paid (26,428) 0
Acquisition-related obligations (2,442) (3,896)
Repurchase of common stock 0 (15,759)
Surrender of common stock awards by employees (5,576) (973)
Net cash used in financing activities (34,954) (24,825)
Net change in cash and cash equivalents (40,085) 89,582
Cash and cash equivalents at beginning of period 231,520 177,889
Cash and cash equivalents at end of period 191,435 267,471
Supplemental disclosures of cash flow information    
Interest 23,748 24,130
Income taxes, net of refunds 27,428 13,798
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 23,543 18,340
Release of indemnification of acquisition-related debt 2,036 0
Property and equipment obtained in exchange for finance lease obligations 1,918 853
Seller obligations in connection with acquisition of businesses 18,987 6,965
Unpaid purchases of property and equipment included in accounts payable $ 1,327 $ 1,229