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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 243,700 $ 223,400 $ 118,800
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization of property and equipment 52,200 47,300 43,600
Amortization of operating lease right-of-use assets 29,000 26,600 22,300
Amortization of intangibles 44,500 43,800 37,100
Amortization of deferred financing costs and debt discount 1,900 1,900 1,400
Provision for credit losses 6,300 4,100 2,200
Write-off of debt issuance costs 900 0 1,800
Gain on sale of property and equipment (1,900) (1,400) (1,800)
Noncash stock compensation 15,900 13,800 13,800
Gains on acquisition earnouts 0 (16,100) (1,100)
Deferred income taxes 500 7,100 (400)
Other, net (12,200) (100) 3,200
Changes in assets and liabilities, excluding effects of acquisitions      
Accounts receivable (25,100) (76,500) (16,800)
Inventories 16,500 (16,500) (54,000)
Proceeds from termination of interest rate swap agreements 0 25,500 0
Other assets (11,000) (2,600) (19,900)
Accounts payable 5,100 9,600 26,400
Income taxes receivable/payable (5,700) 3,200 (4,500)
Other liabilities (20,400) (15,200) (33,800)
Net cash provided by operating activities 340,200 277,900 138,300
Cash flows from investing activities      
Purchases of investments 0 (344,400) 0
Maturities of short term investments 0 345,000 0
Purchases of property and equipment (61,600) (45,600) (37,000)
Acquisitions of businesses, net of cash acquired of $—, $0.5 and $1.7 in 2023, 2022 and 2021, respectively (59,600) (113,500) (241,300)
Proceeds from sale of property and equipment 2,700 2,000 2,700
Settlements with interest rate swap counterparties 16,700 4,000 0
Other, net (1,600) (6,200) (2,800)
Net cash used in investing activities (103,400) (158,700) (278,400)
Cash flows from financing activities      
Proceeds from term loan (Note 8) 0 0 500,000
Payments on term loan (Note 8) (5,000) (5,000) (200,000)
Proceeds from vehicle and equipment notes payable 38,700 30,900 27,800
Debt issuance costs (500) (600) (7,500)
Principal payments on long-term debt (29,500) (30,200) (26,300)
Principal payments on finance lease obligations (2,900) (2,300) (2,100)
Acquisition-related obligations (4,700) (11,100) (8,900)
Dividends paid (63,100) (62,700) (35,300)
Repurchase of common stock (6,300) (137,600) 0
Surrender of common stock awards by employees (6,600) (4,500) (5,600)
Net cash (used in) provided by financing activities (79,900) (223,100) 242,100
Net change in cash and cash equivalents 156,900 (103,900) 102,000
Cash and cash equivalents at beginning of period 229,600 333,500 231,500
Cash and cash equivalents at end of period 386,500 229,600 333,500
Supplemental disclosures of cash flow information      
Interest 42,500 40,300 26,000
Income taxes, net of refunds 92,500 69,100 39,200
Supplemental disclosure of noncash activities      
Right-of-use assets obtained in exchange for operating lease obligations 30,700 32,700 38,100
Release of indemnification of acquisition-related debt 0 1,000 2,000
Property and equipment obtained in exchange for finance lease obligations 3,300 6,200 2,700
Seller obligations in connection with acquisition of businesses 9,300 27,000 29,200
Unpaid purchases of property and equipment included in accounts payable $ 3,100 $ 900 $ 400