XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 33,822 $ 17,291
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 11,329 10,663
Amortization of operating lease right-of-use assets 6,371 5,050
Amortization of intangibles 11,097 8,396
Amortization of deferred financing costs and debt discount 484 331
Provision for credit losses 653 127
Gain on sale of property and equipment (92) (252)
Noncash stock compensation 3,418 3,196
Amortization of terminated interest rate swap 790 798
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (32,700) 1,056
Inventories (16,300) (7,644)
Other assets 169 (1,794)
Accounts payable 16,486 524
Income taxes receivable/payable 11,433 4,633
Other liabilities 1,265 (4,757)
Net cash provided by operating activities 48,225 37,618
Cash flows from investing activities    
Payments to Acquire Investments (49,957) 0
Purchases of property and equipment (10,362) (10,846)
Acquisitions of businesses, net of cash acquired of $0 and $168 in 2022 and 2021, respectively (8,050) (41,930)
Proceeds from sale of property and equipment 265 389
Other (614) (5)
Net cash used in investing activities (68,718) (52,392)
Cash flows from financing activities    
Payments on Term Loan (1,250) 0
Proceeds from vehicle and equipment notes payable 4,752 7,808
Debt issuance costs (627) 0
Principal payments on long-term debt (6,618) (6,481)
Principal payments on finance lease obligations (521) (530)
Dividends paid (35,426) (8,786)
Acquisition-related obligations (6,003) (1,414)
Repurchase of common stock (49,865) 0
Net cash used in financing activities (95,558) (9,403)
Net change in cash and cash equivalents (116,051) (24,177)
Cash and cash equivalents at beginning of period 333,485 231,520
Cash and cash equivalents at end of period 217,434 207,343
Supplemental disclosures of cash flow information    
Interest 14,293 10,839
Income taxes, net of refunds 1,088 1,474
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 5,514 5,679
Property and equipment obtained in exchange for finance lease obligations 544 268
Seller obligations in connection with acquisition of businesses 1,878 5,959
Unpaid purchases of property and equipment included in accounts payable $ 1,884 $ 1,043