Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows Provided by (Used in) Operating Activities:      
Net income $ 190,995,000 $ 134,752,000 $ 158,133,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 52,700,000 39,419,000 16,453,000
Share-based compensation 13,658,000 11,317,000 9,889,000
Loss on extinguishment of debt     1,086,000
Loss on sale or abandonment of property and equipment 1,399,000 1,204,000 998,000
Amortization of debt issuance costs 1,558,000 1,201,000 401,000
Provision for bad debt expense 7,065,000 3,240,000 3,231,000
Loss from inventory obsolescence 2,622,000 2,187,000 1,979,000
Deferred income taxes, net 8,888,000 12,936,000 (59,535,000)
Change in certain assets and liabilities      
Receivables, net (27,146,000) (35,522,000) (37,943,000)
Inventories, net 17,433,000 (23,297,000) (14,901,000)
Prepaid expenses and other current assets 9,361,000 (8,360,000) 8,184,000
Accounts payable (5,124,000) 29,687,000 17,936,000
Accrued liabilities (2,690,000) (660,000) 7,160,000
Other, net 1,058,000 (932,000) 121,000
Net cash provided by operating activities 271,777,000 167,172,000 113,192,000
Cash Flows Provided by (Used in) Investing Activities:      
Purchases of property and equipment (45,536,000) (52,504,000) (25,308,000)
Acquisition of businesses, net of cash acquired of $15,756 in 2018 (6,952,000) (500,202,000) (84,090,000)
Proceeds from sale of property and equipment 2,321,000 849,000 603,000
Other, net 25,000 38,000 199,000
Net cash used in investing activities (50,142,000) (551,819,000) (108,596,000)
Cash Flows Provided by (Used in) Financing Activities:      
Proceeds from issuance of long-term debt 14,989,000 526,604,000 250,000,000
Repayment of long-term debt (27,793,000) (18,399,000) (186,250,000)
Payment of debt issuance costs   (7,819,000) (2,150,000)
Proceeds from revolving credit facility   90,000,000 225,000,000
Repayment of revolving credit facility   (90,000,000) (225,000,000)
Taxes withheld and paid on employees' equity awards (12,951,000) (5,465,000) (4,764,000)
Repurchase of shares of common stock (110,911,000) (65,025,000) (139,286,000)
Payment of contingent consideration (1,091,000) (841,000)  
Net cash (used in) provided by financing activities (137,757,000) 429,055,000 (82,450,000)
Cash and Cash Equivalents      
Increase (decrease) for the period 83,878,000 44,408,000 (77,854,000)
Beginning of period 100,929,000 56,521,000 134,375,000
End of period 184,807,000 100,929,000 56,521,000
Supplemental disclosure of cash paid for:      
Interest on long-term debt 36,244,000 23,733,000 6,423,000
Income taxes 43,310,000 39,010,000 22,580,000
Supplemental disclosure of noncash activities:      
Leased assets obtained in exchange for new operating lease liabilities 128,838,000    
Accruals for property and equipment $ 542,000 $ 860,000 $ 1,123,000