v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows Provided by (Used in) Operating Activities:    
Net income $ 59,842 $ 50,771
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,519 14,190
Share-based compensation 3,111 3,908
Loss on extinguishment of debt 13,862 233
Loss on sale or abandonment of property and equipment 56 383
Amortization of debt issuance costs 422 328
Provision for bad debt expense 1,765 1,670
Loss from inventory obsolescence 653 529
Deferred income taxes, net (183) (39)
Change in certain assets and liabilities    
Receivables, net (20,831) (5,048)
Inventories, net (2,088) (3,964)
Prepaid expenses and other current assets 3,517 6,193
Accounts payable (2,244) (4,173)
Accrued liabilities 16,591 9,981
Other, net (570) (2,032)
Net cash provided by operating activities 89,422 72,930
Cash Flows Provided by (Used in) Investing Activities:    
Purchases of property and equipment (12,284) (15,892)
Acquisition of businesses (61,092) (20,526)
Proceeds from sale of property and equipment 56 194
Net cash used in investing activities (73,320) (36,224)
Cash Flows Provided by (Used in) Financing Activities:    
Proceeds from issuance of long-term debt 411,250 300,000
Repayment of long-term debt (415,856) (307,668)
Payment of debt issuance costs (6,500) (2,280)
Taxes withheld and paid on employees' equity awards (11,480) (10,399)
Exercise of stock options 5,952  
Repurchase of shares of common stock (9,856) (14,127)
Net cash used in financing activities (26,490) (34,474)
Cash and Cash Equivalents    
(Decrease) increase for the period (10,388) 2,232
Beginning of period 330,007 184,807
End of period 319,619 187,039
Supplemental disclosure of noncash activities:    
Leased assets obtained in exchange for new operating lease liabilities 20,322 9,167
Accruals for property and equipment $ 524 $ 496

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