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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 110,871 $ 93,726
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of property and equipment 25,416 23,162
Amortization of operating lease right-of-use assets 14,446 13,224
Amortization of intangibles 22,691 22,358
Amortization of deferred financing costs and debt discount 951 961
Provision for credit losses 3,196 1,887
Gain on sale of property and equipment (1,203) (511)
Noncash stock compensation 7,121 7,078
Other, net (5,543) 1,668
Changes in assets and liabilities, excluding effects of acquisitions    
Accounts receivable (17,492) (66,719)
Inventories 14,724 (33,481)
Other assets 4,933 (1,474)
Accounts payable (16,300) 19,259
Income taxes receivable/payable (4,841) 11,466
Other liabilities (20,877) 6,855
Net cash provided by operating activities 138,093 99,459
Cash flows from investing activities    
Purchases of investments 0 (124,713)
Maturities of short term investments 0 30,000
Purchases of property and equipment (28,330) (24,512)
Acquisitions of businesses, net of cash acquired of $10 and $337 in 2023 and 2022, respectively (40,182) (72,463)
Proceeds from sale of property and equipment 1,457 830
Settlements with interest rate swap counterparties 7,760 0
Other (225) (7,047)
Net cash used in investing activities (59,520) (197,905)
Cash flows from financing activities    
Payments on Term Loan (2,500) (2,500)
Proceeds from vehicle and equipment notes payable 18,299 13,325
Debt issuance costs 0 (657)
Principal payments on long-term debt (14,793) (16,158)
Principal payments on finance lease obligations (1,449) (1,085)
Dividends paid (44,471) (44,877)
Acquisition-related obligations (2,246) (9,024)
Repurchase of common stock 0 (99,665)
Surrender of common stock awards by employees (5,814) (4,459)
Net cash used in financing activities (52,974) (165,100)
Net change in cash and cash equivalents 25,599 (263,545)
Cash and cash equivalents at beginning of period 229,627 333,485
Cash and cash equivalents at end of period 255,226 69,940
Supplemental disclosures of cash flow information    
Interest 20,807 22,586
Income taxes, net of refunds 44,096 22,311
Supplemental disclosure of noncash activities    
Right-of-use assets obtained in exchange for operating lease obligations 14,713 16,561
Release of indemnification of acquisition-related debt 0 980
Property and equipment obtained in exchange for finance lease obligations 2,232 2,600
Seller obligations in connection with acquisition of businesses 7,714 25,278
Unpaid purchases of property and equipment included in accounts payable $ 4,860 $ 1,058