| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
562,354 | 532,357 | 422,599 | 437,120 | 410,395 | 370,885 | 328,234 | 276,457 | 222,740 | 167,972 | 119,745 | 107,993 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
195,978 | 177,351 | 165,834 | 142,958 | 123,569 | 114,635 | 100,025 | 88,975 | 80,347 | 69,797 | 66,258 | 60,731 |
Gain on disposition of property and equipment | |||||||||||
297 | 567 | -460 | -579 | -315 | -389 | -35 | -76 | -955 | -1,062 | -213 | -425 |
Share-based compensation expense | |||||||||||
31,100 | 28,900 | 29,200 | 23,554 | 19,420 | 16,173 | 13,893 | 17,641 | 15,041 | 11,771 | 12,130 | 12,257 |
Excess tax benefit of stock options exercised | |||||||||||
- | - | - | - | - | 18,850 | 43,517 | 25,836 | 17,435 | 9,815 | - | - |
Deferred income taxes | |||||||||||
6,760 | 11,887 | 26,724 | 9,976 | -5,450 | -19,814 | -8,309 | -26,581 | 1,856 | 2,690 | -11,139 | 18,531 |
Change in assets and liabilities: | |||||||||||
Inventories | |||||||||||
13,239 | 136,334 | 83,552 | 67,650 | 168,925 | 136,142 | 71,192 | 77,297 | 94,299 | 60,054 | 4,745 | -10,241 |
Prepaid expenses and other current assets | |||||||||||
-13,582 | 26,195 | -2,305 | -1,782 | 21,066 | 9,085 | 5,551 | 80 | 17,783 | 3,201 | -11,164 | 1,007 |
Accounts payable | |||||||||||
23,055 | 43,413 | 57,046 | 82,477 | 56,426 | 54,336 | -3,905 | 53,983 | 19,021 | -14,247 | -25,193 | 28,482 |
Accrued employee compensation | |||||||||||
-14,291 | 22,373 | 6,427 | -18,237 | 5,628 | -13,517 | 2,173 | 139 | 13,685 | 11,851 | 12,476 | 590 |
Other accrued expenses | |||||||||||
10,351 | 36,406 | -10,338 | 20,368 | 11,252 | 20,365 | 9,938 | 8,828 | 6,312 | 26,691 | 9,838 | -1,174 |
Income taxes | |||||||||||
8,327 | -8,355 | 4,210 | 11,787 | 16,282 | 21,862 | 9,582 | 57,321 | 21,040 | 10,819 | 7,801 | -6,359 |
Other | |||||||||||
12,000 | -13,137 | -10,533 | -5,997 | -8,366 | -7,941 | -2,275 | -4,676 | -2,664 | -7,272 | -16,769 | 7,514 |
Net cash provided by/(used in) operating activities | |||||||||||
811,716 | 694,394 | 631,450 | 650,711 | 456,212 | 409,178 | 333,681 | 378,302 | 254,144 | 222,608 | 215,317 | 217,726 |
Cash flows from investing activities: | |||||||||||
Capital expenditures | |||||||||||
217,450 | 278,530 | 250,401 | 226,017 | 236,496 | 160,613 | 218,200 | 152,924 | 166,156 | 96,511 | 73,974 | 91,759 |
Proceeds from sale of property and equipment | |||||||||||
2,489 | 2,216 | 11,220 | 362 | 584 | 331 | 477 | 379 | 752 | 313 | 97 | 3,324 |
Acquisition of Petsense, net of cash acquired | |||||||||||
0 | 0 | -1,225 | 143,610 | 0 | 0 | - | - | - | - | - | - |
Decrease in restricted cash | |||||||||||
- | - | - | - | - | - | -8,400 | -13,470 | 21,870 | 0 | 0 | - |
Purchases of short-term investments | |||||||||||
- | - | - | - | - | - | - | - | - | 15,913 | 0 | 0 |
Proceeds from sale of short-term investments | |||||||||||
- | - | - | - | - | - | - | - | 15,913 | 0 | 0 | - |
Net cash used in investing activities | |||||||||||
-214,961 | -276,314 | -237,956 | -369,265 | -235,912 | -160,282 | -209,323 | -139,075 | -171,361 | -112,111 | -73,877 | -88,435 |
Cash flows from financing activities: | |||||||||||
Borrowings under debt facilities | |||||||||||
1,002,000 | 1,193,500 | 1,180,000 | 945,000 | 680,000 | 355,000 | 185,000 | 0 | 0 | - | 274,033 | 853,903 |
Repayments under debt facilities | |||||||||||
1,013,250 | 1,212,250 | 1,027,500 | 820,000 | 530,000 | 355,000 | 185,000 | 0 | 0 | - | 274,033 | 908,903 |
Debt issuance costs | |||||||||||
0 | -346 | -599 | -1,380 | 0 | 0 | - | - | - | - | - | - |
Excess tax benefit of stock options exercised | |||||||||||
- | - | - | - | - | 18,850 | 43,517 | 25,836 | 17,435 | 9,815 | 4,280 | 1,085 |
Principal payments under finance lease liabilities | |||||||||||
3,708 | 3,246 | 2,446 | 1,150 | 507 | 114 | 38 | 37 | 90 | 392 | 548 | 851 |
Repurchase of shares to satisfy tax obligations | |||||||||||
3,800 | 1,400 | 800 | 843 | 2,997 | 4,766 | -4,142 | -6,821 | -1,115 | -783 | 0 | 0 |
Repurchase of common stock | |||||||||||
533,319 | 349,776 | 369,403 | 331,708 | 292,705 | 298,497 | 129,416 | 271,799 | 179,997 | 38,172 | 15,289 | 53,866 |
Net proceeds from issuance of common stock | |||||||||||
115,981 | 79,643 | 16,330 | 41,010 | 41,689 | 28,083 | 38,318 | 26,577 | 31,460 | 23,878 | 5,979 | 3,150 |
Cash dividends paid to stockholders | |||||||||||
162,699 | 147,087 | 133,828 | 122,272 | 103,101 | 84,061 | 68,484 | 51,318 | 30,850 | 20,355 | 0 | 0 |
Net cash provided by financing activities | |||||||||||
-598,813 | -440,929 | -338,262 | -291,343 | -207,621 | -340,505 | -120,245 | -277,562 | -163,157 | -26,009 | -5,578 | -105,482 |
Net change in cash and cash equivalents | |||||||||||
-2,058 | -22,849 | 55,232 | -9,897 | 12,679 | -91,609 | 4,113 | -38,335 | -80,374 | 84,488 | 135,862 | 23,809 |
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | |||||||||||
19,146 | 18,069 | 10,481 | 6,124 | 2,283 | 906 | 780 | 1,219 | 614 | 305 | 838 | 3,890 |
Income taxes | |||||||||||
144,377 | 146,918 | 219,081 | 232,258 | 226,968 | 213,637 | 188,003 | 128,306 | 103,630 | 82,821 | 66,888 | 55,476 |
Supplemental disclosures of non-cash activities: | |||||||||||
Property and equipment acquired through capital lease | |||||||||||
- | - | - | 10,493 | 13,207 | 4,042 | 0 | 0 | - | - | - | - |
Non-cash accruals for construction in progress | |||||||||||
7,924 | 3,001 | 8,647 | 12,303 | 16,050 | 14,843 | 8,258 | 10,897 | 5,027 | 0 | 0 | - |
Increase of operating lease assets and liabilities from new or modified leases | |||||||||||
365,233 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Increase of finance lease assets and liabilities from new or modified leases | |||||||||||
5,217 | 0 | 11,395 | - | - | - | - | - | - | - | - | - |
Operating lease assets and liabilities recognized upon adoption of ASC 842 | |||||||||||
2,080,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |