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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 154,704 $ 89,396
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 35,153 32,498
Amortization of operating lease right-of-use assets 19,832 16,464
Amortization of intangibles 33,728 26,798
Amortization of deferred financing costs and debt discount 1,436 993
Provision for credit losses 2,754 1,135
Gain on sale of property and equipment (1,048) (1,405)
Noncash stock compensation 10,290 10,228
Other, net 1,509 2,414
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (98,528) (23,224)
Inventories (23,071) (37,122)
Proceeds from termination of interest rate swap agreements 25,462 0
Other assets 4,773 (8,116)
Accounts payable 20,290 14,120
Income taxes receivable/payable 12,354 (107)
Other liabilities (971) (7,594)
Net cash provided by operating activities 198,667 116,478
Cash flows from investing activities    
Purchases of investments (344,388) 0
Maturities of short term investments 320,000 0
Purchases of property and equipment (35,212) (27,898)
Acquisitions of businesses, net of cash acquired of $330 and $1,640 in 2,022 and 2021, respectively (75,779) (94,500)
Proceeds from sale of property and equipment 1,418 2,219
Other (5,974) (1,430)
Net cash used in investing activities (139,935) (121,609)
Cash flows from financing activities    
Payments on Term Loan (3,750) 0
Proceeds from vehicle and equipment notes payable 20,492 20,753
Debt issuance costs (655) 0
Principal payments on long-term debt (23,340) (19,688)
Principal payments on finance lease obligations (1,661) (1,573)
Dividends paid (53,821) (26,428)
Acquisition-related obligations (9,423) (2,442)
Repurchase of common stock (112,193) 0
Surrender of common stock awards by employees (4,464) (5,576)
Net cash used in financing activities (188,815) (34,954)
Net change in cash and cash equivalents (130,083) (40,085)
Cash and cash equivalents at beginning of period 333,485 231,520
Cash and cash equivalents at end of period 203,402 191,435
Supplemental disclosures of cash flow information    
Interest 40,639 23,748
Income taxes, net of refunds 43,512 27,428
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 22,056 23,543
Release of indemnification of acquisition-related debt 980 2,036
Property and equipment obtained in exchange for finance lease obligations 4,411 1,918
Seller obligations in connection with acquisition of businesses 25,534 18,987
Unpaid purchases of property and equipment included in accounts payable $ 857 $ 1,327