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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 178,863 $ 154,704
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 38,702 35,153
Amortization of operating lease right-of-use assets 21,716 19,832
Amortization of intangibles 33,722 33,728
Amortization of deferred financing costs and debt discount 1,415 1,436
Provision for credit losses 4,380 2,754
Write-off of debt issuance costs 928 0
Gain on sale of property and equipment (1,518) (1,048)
Noncash stock compensation 10,637 10,290
Other, net (8,824) 1,509
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (28,695) (98,528)
Inventories 18,715 (23,071)
Proceeds from termination of interest rate swap agreements 0 25,462
Other assets 10,701 4,773
Accounts payable (8,269) 20,290
Income taxes receivable/payable (198) 12,354
Other liabilities (21,736) (971)
Net cash provided by operating activities 250,539 198,667
Cash flows from investing activities    
Purchases of investments 0 (344,388)
Maturities of short term investments 0 320,000
Purchases of property and equipment (46,902) (35,212)
Acquisitions of businesses, net of cash acquired of $10 and $330 in 2023 and 2022, respectively (44,845) (75,779)
Proceeds from sale of property and equipment 2,054 1,418
Settlements with interest rate swap counterparties 12,165 1,287
Other (350) (7,261)
Net cash used in investing activities (77,878) (139,935)
Cash flows from financing activities    
Payments on Term Loan (3,731) (3,750)
Proceeds from vehicle and equipment notes payable 28,359 20,492
Debt issuance costs (438) (655)
Principal payments on long-term debt (22,193) (23,340)
Principal payments on finance lease obligations (2,199) (1,661)
Dividends paid (53,779) (53,821)
Acquisition-related obligations (2,721) (9,423)
Repurchase of common stock 0 (112,193)
Surrender of common stock awards by employees (5,827) (4,464)
Net cash used in financing activities (62,529) (188,815)
Net change in cash and cash equivalents 110,132 (130,083)
Cash and cash equivalents at beginning of period 229,627 333,485
Cash and cash equivalents at end of period 339,759 203,402
Supplemental disclosures of cash flow information    
Interest 36,332 40,639
Income taxes, net of refunds 64,177 43,512
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 23,188 22,056
Release of indemnification of acquisition-related debt 0 980
Property and equipment obtained in exchange for finance lease obligations 2,905 4,411
Seller obligations in connection with acquisition of businesses 8,290 25,534
Unpaid purchases of property and equipment included in accounts payable $ 1,943 $ 857