| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
146,509 | 148,551 | 132,884 | 129,671 | 74,345 | 62,266 | 50,119 | 37,340 | 30,059 | 28,034 | -24,053 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
75,358 | 67,526 | 54,727 | 46,167 | 41,624 | 32,596 | 27,500 | 25,665 | 20,522 | 17,087 | 18,468 |
Stock-based compensation expense | ||||||||||
16,077 | 14,065 | 20,036 | 15,420 | 14,043 | 10,817 | 10,839 | 6,318 | 4,587 | 4,176 | 3,494 |
Deferred taxes | ||||||||||
3,416 | 13,874 | 6,808 | -2,598 | 1,062 | -5,493 | 269 | -668 | 821 | -1,438 | -16,685 |
Goodwill impairment | ||||||||||
- | - | - | - | - | - | - | - | - | - | 45,040 |
Other non-cash items | ||||||||||
1,553 | 13 | -4,371 | -1,540 | -1,335 | -2,796 | -1,867 | -654 | -1,570 | 613 | -2,836 |
Changes in assets and liabilities, net of acquisitions of businesses: | ||||||||||
Accounts receivable, net | ||||||||||
25,452 | 11,352 | 12,601 | 13,899 | -2,082 | 606 | 9,013 | -774 | 5,007 | 341 | 4,628 |
Inventories, net | ||||||||||
-57,790 | 34,730 | 78,698 | 7,856 | 31,276 | 21,940 | 3,403 | 4,727 | 14,738 | 11,757 | -37,505 |
Prepaid expenses and other assets | ||||||||||
-6,882 | 17,691 | 10,898 | 15,553 | 2,249 | 4,610 | 2,288 | 10,738 | 1,848 | 951 | -3,226 |
Accounts payable, trade | ||||||||||
-12,189 | -17,335 | 20,727 | 18,800 | -21,783 | 21,269 | 2,296 | 5,983 | 4,391 | 3,838 | - |
Accrued expenses and other liabilities | ||||||||||
2,687 | -6,287 | 15,346 | 29,975 | 15,835 | 9,925 | 4,491 | 12,088 | -3,526 | 4,028 | - |
Accounts payable, accrued expenses and other liabilities | ||||||||||
- | - | - | - | - | - | - | - | - | - | -1,947 |
Net cash flows provided by operating activities | ||||||||||
269,525 | 156,608 | 152,702 | 201,667 | 95,018 | 107,020 | 82,677 | 72,689 | 36,831 | 42,063 | 63,256 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
58,202 | 119,827 | 87,221 | 44,671 | 28,989 | 42,458 | 32,595 | 32,026 | 24,317 | 10,148 | 3,107 |
Acquisitions of businesses, net of cash acquired | ||||||||||
447,764 | 184,792 | 60,588 | 48,725 | 41,058 | 106,782 | 4,750 | 1,473 | 50,302 | 21,900 | 1,679 |
Proceeds from note receivable | ||||||||||
- | - | - | 2,000 | 2,000 | 1,750 | 0 | 0 | - | - | - |
Proceeds from sales of fixed assets | ||||||||||
- | - | - | - | 2,337 | 3,587 | 1,444 | 5,420 | 1,338 | 1,788 | 1,367 |
Proceeds from maturity of short-term investments | ||||||||||
- | - | - | - | - | - | - | - | 5,000 | 29,000 | 2,000 |
Purchase of short-term investments | ||||||||||
- | - | - | - | - | - | - | - | - | 20,985 | 14,992 |
Other investing activities | ||||||||||
-2,132 | -1,824 | -1,934 | 311 | 406 | 171 | 154 | 119 | 843 | 303 | 34 |
Net cash flows used in investing activities | ||||||||||
-503,834 | -302,795 | -145,875 | -91,707 | -66,116 | -144,074 | -36,055 | -28,198 | -69,124 | -22,548 | -16,445 |
Cash flows from financing activities: | ||||||||||
Exercise of stock-based awards, net of shares tendered for payment of taxes | ||||||||||
-8,084 | -16,097 | -10,531 | 2,574 | 1,470 | 5,769 | 15,175 | 8,217 | 1,188 | 1,082 | 5,562 |
Proceeds from line of credit borrowings | ||||||||||
655,387 | 1,387,013 | 28,130 | 81,458 | 614,629 | 425,330 | 135,452 | 52,227 | 130,500 | - | 5,775 |
Repayments under line of credit borrowings | ||||||||||
628,891 | 1,146,953 | 28,130 | 81,458 | 630,279 | 409,680 | 135,452 | 52,227 | 130,500 | - | 14,458 |
Proceeds from term loan borrowings | ||||||||||
300,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from other borrowings | ||||||||||
0 | 4,509 | 0 | 0 | 50,000 | 0 | 0 | - | - | - | - |
Payment of dividends | ||||||||||
63,813 | 59,270 | 51,057 | 34,437 | 48,227 | 46,706 | 0 | 45,038 | - | 33,032 | - |
Payment of contingent consideration related to acquisitions | ||||||||||
10 | 3,068 | 5,301 | 3,204 | 3,974 | 3,739 | 5,456 | 4,315 | 398 | 8 | - |
Repurchases of common stock | ||||||||||
0 | 28,695 | 0 | 0 | - | - | - | - | 626 | 1,041 | - |
Other financing activities | ||||||||||
382 | -2,373 | -59 | -1,028 | -220 | -196 | 0 | 0 | -167 | -1 | -17 |
Net cash flows provided by (used in) financing activities | ||||||||||
254,971 | 135,066 | -66,948 | -36,095 | -16,601 | -29,222 | 9,719 | -41,136 | -3 | -33,000 | -3,138 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-231 | 0 | 0 | - | - | - | - | - | - | - | - |
Net decrease in cash and cash equivalents | ||||||||||
20,431 | -11,121 | -60,121 | 73,865 | 12,301 | -66,276 | 56,341 | 3,355 | -32,296 | -13,485 | 43,673 |
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid during the period for interest | ||||||||||
9,143 | 5,645 | 1,650 | 1,992 | 2,113 | 641 | 364 | 369 | 284 | 311 | 499 |
Cash paid during the period for income taxes, net of refunds | ||||||||||
37,836 | 39,991 | 53,620 | 65,792 | 33,782 | 30,947 | 26,799 | 24,145 | 18,909 | 19,862 | 3,290 |
Purchase of property and equipment in accrued expenses | ||||||||||
3,417 | 385 | 2,640 | 1,461 | 646 | - | - | - | - | - | - |