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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 118,763 $ 97,239 $ 68,159
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization of property and equipment 43,562 41,339 38,862
Amortization of operating lease right-of-use assets 22,258 18,122 15,691
Amortization of intangibles 37,079 28,535 24,510
Amortization of deferred financing costs and debt discount 1,354 1,332 1,184
Provision for credit losses 2,227 4,444 4,312
Write-off of debt issuance costs 1,767 0 3,725
Gain on sale of property and equipment (1,840) (786) (140)
Noncash stock compensation 13,752 10,826 8,727
Deferred income taxes (438) (8,475) 5,341
Amortization of terminated interest rate swap 3,223 1,326 0
Changes in assets and liabilities, excluding effects of acquisitions      
Accounts receivable (16,775) (10,489) (29,582)
Inventories (54,003) 187 (10,597)
Other assets (19,885) (870) (16,959)
Accounts payable 26,424 (203) 947
Income taxes receivable/payable (4,403) 4,296 (3,944)
Other liabilities (34,751) (6,034) 12,831
Net cash provided by operating activities 138,314 180,789 123,067
Cash flows from investing activities      
Purchases of investments 0 (776) (52,795)
Maturities of short term investments 0 38,693 25,061
Purchases of property and equipment (36,979) (33,587) (50,167)
Acquisitions of businesses, net of cash acquired of $1,707, $0 and $334 in 2021, 2020 and 2019, respectively (241,308) (76,446) (51,706)
Proceeds from sale of property and equipment 2,694 1,187 761
Other (2,846) (6,865) (2,887)
Net cash used in investing activities (278,439) (77,794) (131,733)
Cash flows from financing activities      
Proceeds from senior notes (Note 8) 0 0 300,000
Proceeds from term loan (Note 8) 500,000 0 0
Payments on term loan (Note 8) (200,000) 0 (195,750)
Proceeds from vehicle and equipment notes payable 27,834 21,290 33,090
Debt issuance costs (7,520) (157) (6,691)
Principal payments on long-term debt (26,301) (26,685) (21,316)
Principal payments on finance lease obligations (2,125) (2,632) (4,157)
Acquisition-related obligations (8,918) (6,283) (6,732)
Dividends paid (35,294) 0 0
Repurchase of common stock 0 (33,924) 0
Surrender of common stock awards by employees (5,586) (973) (2,331)
Net cash provided by (used in) financing activities 242,090 (49,364) 96,113
Net change in cash and cash equivalents 101,965 53,631 87,447
Cash and cash equivalents at beginning of period 231,520 177,889 90,442
Cash and cash equivalents at end of period 333,485 231,520 177,889
Supplemental disclosures of cash flow information      
Interest 25,976 26,324 20,943
Income taxes, net of refunds 39,241 37,072 22,633
Supplemental disclosure of noncash activities      
Right-of-use assets obtained in exchange for operating lease obligations 38,084 26,001 18,907
Release of indemnification of acquisition-related debt 2,036 0 0
Termination of operating lease obligations and right-of-use assets 0 0 (2,946)
Property and equipment obtained in exchange for finance lease obligations 2,735 1,000 2,809
Seller obligations in connection with acquisition of businesses 29,169 14,086 7,543
Unpaid purchases of property and equipment included in accounts payable $ 441 $ 1,013 $ 1,903