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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 223,428 $ 118,763 $ 97,239
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization of property and equipment 47,283 43,562 41,339
Amortization of operating lease right-of-use assets 26,631 22,258 18,122
Amortization of intangibles 43,763 37,079 28,535
Amortization of deferred financing costs and debt discount 1,912 1,354 1,332
Provision for credit losses 4,129 2,227 4,444
Write-off of debt issuance costs 0 1,767 0
Gain on sale of property and equipment (1,419) (1,840) (786)
Noncash stock compensation 13,816 13,752 10,826
Gains on acquisition earnouts (16,109) (1,035) (188)
Deferred income taxes 7,066 (438) (8,475)
Other, net (91) 3,223 1,326
Changes in assets and liabilities, excluding effects of acquisitions      
Accounts receivable (76,486) (16,775) (10,489)
Inventories (16,495) (54,003) 187
Proceeds from termination of interest rate swap agreements 25,462 0 0
Other assets (2,586) (19,885) (870)
Accounts payable 9,623 26,424 (203)
Income taxes receivable/payable 3,207 (4,403) 4,296
Other liabilities (15,230) (33,716) (5,846)
Net cash provided by operating activities 277,904 138,314 180,789
Cash flows from investing activities      
Purchases of investments (344,388) 0 (776)
Maturities of short term investments 345,000 0 38,693
Purchases of property and equipment (45,646) (36,979) (33,587)
Acquisitions of businesses, net of cash acquired of $523, $1,707 and $0 in 2022, 2021 and 2020, respectively (113,536) (241,308) (76,446)
Proceeds from sale of property and equipment 1,958 2,694 1,187
Other (2,057) (2,846) (6,865)
Net cash used in investing activities (158,669) (278,439) (77,794)
Cash flows from financing activities      
Proceeds from term loan (Note 8) 0 500,000 0
Payments on term loan (Note 8) (5,000) (200,000) 0
Proceeds from vehicle and equipment notes payable 30,940 27,834 21,290
Debt issuance costs (655) (7,520) (157)
Principal payments on long-term debt (30,173) (26,301) (26,685)
Principal payments on finance lease obligations (2,306) (2,125) (2,632)
Acquisition-related obligations (11,150) (8,918) (6,283)
Dividends paid (62,671) (35,294) 0
Repurchase of common stock (137,556) 0 (33,924)
Surrender of common stock awards by employees (4,522) (5,586) (973)
Net cash (used in) provided by financing activities (223,093) 242,090 (49,364)
Net change in cash and cash equivalents (103,858) 101,965 53,631
Cash and cash equivalents at beginning of period 333,485 231,520 177,889
Cash and cash equivalents at end of period 229,627 333,485 231,520
Supplemental disclosures of cash flow information      
Interest 40,278 25,976 26,324
Income taxes, net of refunds 69,076 39,241 37,072
Supplemental disclosure of noncash activities      
Right-of-use assets obtained in exchange for operating lease obligations 32,677 38,084 26,001
Release of indemnification of acquisition-related debt 980 2,036 0
Property and equipment obtained in exchange for finance lease obligations 6,241 2,735 1,000
Seller obligations in connection with acquisition of businesses 26,978 29,169 14,086
Unpaid purchases of property and equipment included in accounts payable $ 935 $ 441 $ 1,013