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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 93,726 $ 54,504
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 23,162 21,570
Amortization of operating lease right-of-use assets 13,224 10,549
Amortization of intangibles 22,358 17,574
Amortization of deferred financing costs and debt discount 961 663
Provision for credit losses 1,887 102
Gain on sale of property and equipment (511) (560)
Noncash stock compensation 7,078 6,693
Amortization of terminated interest rate swap 1,668 1,602
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (66,719) (3,953)
Inventories (33,481) (19,973)
Other assets (1,474) (1,225)
Accounts payable 19,259 3,724
Income taxes receivable/payable 11,466 (297)
Other liabilities 6,855 (7,538)
Net cash provided by operating activities 99,460 83,435
Cash flows from investing activities    
Purchases of investments (124,713) 0
Maturities of short term investments 30,000 0
Purchases of property and equipment (24,512) (20,278)
Acquisitions of businesses, net of cash acquired of $337 and $168 in 2,022 and 2021, respectively (72,463) (67,715)
Proceeds from sale of property and equipment 830 1,112
Other (7,047) (5)
Net cash used in investing activities (197,905) (86,886)
Cash flows from financing activities    
Payments on Term Loan (2,500) 0
Proceeds from vehicle and equipment notes payable 13,325 15,103
Debt issuance costs (657) 0
Principal payments on long-term debt (16,158) (13,012)
Principal payments on finance lease obligations (1,085) (1,041)
Dividends paid (44,877) (17,607)
Acquisition-related obligations (9,024) (2,050)
Repurchase of common stock (99,665) 0
Surrender of common stock awards by employees (4,459) (5,551)
Net cash used in financing activities (165,100) (24,158)
Net change in cash and cash equivalents (263,545) (27,609)
Cash and cash equivalents at beginning of period 333,485 231,520
Cash and cash equivalents at end of period 69,940 203,911
Supplemental disclosures of cash flow information    
Interest 22,586 12,899
Income taxes, net of refunds 22,311 15,288
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 16,561 16,967
Release of indemnification of acquisition-related debt 980 2,036
Property and equipment obtained in exchange for finance lease obligations 2,600 1,134
Seller obligations in connection with acquisition of businesses 25,278 12,954
Unpaid purchases of property and equipment included in accounts payable $ 1,058 $ 886