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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 49,274 $ 33,822
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 12,525 11,329
Amortization of operating lease right-of-use assets 7,316 6,371
Amortization of intangibles 11,435 11,097
Amortization of deferred financing costs and debt discount 475 484
Provision for credit losses 1,678 653
Gain on sale of property and equipment (639) (92)
Noncash stock compensation 3,436 3,418
Other, net (2,523) 790
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable 1,716 (32,700)
Inventories 7,699 (16,300)
Other assets 4,434 169
Accounts payable (16,906) 16,486
Income taxes receivable/payable 16,450 11,433
Other liabilities (22,537) 1,265
Net cash provided by operating activities 73,833 48,225
Cash flows from investing activities    
Purchases of investments 0 (49,957)
Purchases of property and equipment (14,949) (10,362)
Acquisitions of businesses, net of cash acquired of $10 and $0 in 2023 and 2022, respectively (38,008) (8,050)
Proceeds from sale of property and equipment 741 265
Other 4,602 (614)
Net cash used in investing activities (47,614) (68,718)
Cash flows from financing activities    
Payments on Term Loan (1,250) (1,250)
Proceeds from vehicle and equipment notes payable 8,119 4,752
Debt issuance costs 0 (627)
Principal payments on long-term debt (7,024) (6,618)
Principal payments on finance lease obligations (727) (521)
Dividends paid (34,536) (35,426)
Acquisition-related obligations (1,720) (6,003)
Repurchase of common stock 0 (49,865)
Surrender of common stock awards by employees (18) 0
Net cash used in financing activities (37,156) (95,558)
Net change in cash and cash equivalents (10,937) (116,051)
Cash and cash equivalents at beginning of period 229,627 333,485
Cash and cash equivalents at end of period 218,690 217,434
Supplemental disclosures of cash flow information    
Interest 14,658 14,293
Income taxes, net of refunds 1,524 1,088
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 5,650 5,514
Property and equipment obtained in exchange for finance lease obligations 957 544
Seller obligations in connection with acquisition of businesses 6,035 1,878
Unpaid purchases of property and equipment included in accounts payable $ 2,316 $ 1,884