v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows Provided by (Used in) Operating Activities:      
Net income $ 247,023 $ 190,995 $ 134,752
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 62,410 52,700 39,419
Share-based compensation 14,752 13,658 11,317
Loss on extinguishment of debt 233    
(Gain) loss on sale or abandonment of property and equipment (88) 1,399 1,204
Amortization of debt issuance costs 1,491 1,558 1,201
Provision for bad debt expense 6,270 7,065 3,240
Loss from inventory obsolescence 2,512 2,622 2,187
Deferred income taxes, net (4,070) 8,888 12,936
Change in certain assets and liabilities      
Receivables, net 2,612 (27,146) (35,522)
Inventories, net (11,843) 17,433 (23,297)
Prepaid expenses and other current assets (460) 9,361 (8,360)
Accounts payable 16,844 (5,124) 29,687
Accrued liabilities 20,545 (2,690) (660)
Payment of contingent consideration (413)    
Other, net 66 1,058 (932)
Net cash provided by operating activities 357,884 271,777 167,172
Cash Flows Provided by (Used in) Investing Activities:      
Purchases of property and equipment (40,938) (45,536) (52,504)
Acquisition of businesses (83,408) (6,952) (500,202)
Proceeds from sale of property and equipment 2,463 2,321 849
Other, net   25 38
Net cash used in investing activities (121,883) (50,142) (551,819)
Cash Flows Provided by (Used in) Financing Activities:      
Proceeds from issuance of long-term debt 300,000 14,989 526,604
Repayment of long-term debt (324,948) (27,793) (18,399)
Payment of debt issuance costs (2,280)   (7,819)
Proceeds from revolving credit facility     90,000
Repayment of revolving credit facility     (90,000)
Taxes withheld and paid on employees' equity awards (14,932) (12,951) (5,465)
Exercise of stock options 1,438    
Repurchase of shares of common stock (49,151) (110,911) (65,025)
Payment of contingent consideration (928) (1,091) (841)
Net cash (used in) provided by financing activities (90,801) (137,757) 429,055
Cash and Cash Equivalents      
Increase for the period 145,200 83,878 44,408
Beginning of period 184,807 100,929 56,521
End of period 330,007 184,807 100,929
Supplemental disclosure of cash paid for:      
Interest on long-term debt 30,896 36,244 23,733
Income taxes 77,689 43,310 39,010
Supplemental disclosure of noncash activities:      
Leased assets obtained in exchange for new operating lease liabilities 38,646 128,838  
Accruals for property and equipment $ 645 $ 542 $ 860

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