Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows Provided by (Used in) Operating Activities:      
Net income $ 614,254 $ 555,989 $ 324,016
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 132,878 123,335 79,390
Share-based compensation 15,838 12,310 11,316
Loss on extinguishment of debt     13,837
Loss on sale of assets 2,349 1,833 1,356
Amortization of debt issuance costs 2,881 2,867 2,036
Provision for bad debt expense 6,481 5,510 7,304
Provision for inventory obsolescence 4,794 6,659 2,637
Deferred income taxes, net (7,476) 6,041 (2,818)
Change in certain assets and liabilities:      
Receivables, net 20,812 (169,327) (69,042)
Inventories 74,529 (93,874) (46,518)
Prepaid expenses and other current assets (2,598) (9,222) 558
Accounts payable (8,867) 26,581 54,961
Accrued liabilities (4,444) 20,703 24,816
Other, net (2,022) 6,396 (824)
Net cash provided by operating activities 849,409 495,801 403,025
Cash Flows Provided by (Used in) Investing Activities:      
Purchases of property and equipment (63,998) (76,382) (55,546)
Acquisition of businesses, net of cash acquired (149,154) (20,500) (1,267,114)
Proceeds from sale of assets 14,982 2,975 415
Net cash used in investing activities (198,170) (93,907) (1,322,245)
Cash Flows Provided by (Used in) Financing Activities:      
Proceeds from issuance of long-term debt     1,218,750
Repayment of long-term debt (40,138) (38,658) (433,070)
Payment of debt issuance costs     (14,965)
Proceeds from revolving credit facility   70,000  
Repayment of revolving credit facility   (70,000)  
Taxes withheld and paid on employees' equity awards (6,528) (11,719) (8,805)
Exercise of stock options 3,130 2,028 3,303
Repurchase of shares of common stock   (250,050) (35,556)
Payment of contingent consideration (300) (1,674) (650)
Net cash (used in) provided by financing activities (43,836) (300,073) 729,007
Cash and Cash Equivalents      
Impact of exchange rate changes on cash 1,093 (1,531) (15)
Net increase (decrease) in cash and cash equivalents 608,496 100,290 (190,228)
Cash and cash equivalents- Beginning of period 240,069 139,779 330,007
Cash and cash equivalents- End of period 848,565 240,069 139,779
Supplemental disclosure of cash paid for:      
Interest 71,463 49,888 22,144
Income taxes 220,773 186,722 109,179
Supplemental disclosure of noncash activities:      
Leased assets obtained in exchange for new operating lease liabilities 56,255 103,997 131,909
Leased assets obtained in exchange for new finance lease liabilities     10,469
Accruals for property and equipment $ 912 $ 141 $ 1,060