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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 60,696 $ 24,753
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 20,575 18,820
Amortization of intangible assets and route and customer acquisition costs 12,278 18,489
Amortization of debt issuance costs 1,652 1,514
(Gain) loss on change in fair value of contingent earnout shares (19,497) 6,867
Stock-based compensation 4,956 4,707
(Gain) on disposal of property and equipment (706) (96)
Net loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable 410 326
Remeasurement of contingent consideration (1,992) 3,679
Payments on consideration payable (2,282) (666)
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration 1,991 1,904
Deferred income taxes 10,958 6,186
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (605) (3,421)
Accounts receivable, net 661 0
Inventories (432) 0
Income taxes receivable (1,314) 2,618
Route and customer acquisition costs (3,170) (2,153)
Route and customer acquisition costs payable 1,115 (354)
Accounts payable and accrued expenses (6,205) (4,677)
Accrued compensation and related expenses (284) 1,826
Other assets (555) (60)
Net cash provided by operating activities 78,250 80,262
Cash flows from investing activities:    
Purchases of property and equipment (32,978) (18,767)
Proceeds from the sale of property and equipment 1,735 806
Business and asset acquisitions, net of cash acquired (137,628) (3,259)
Net cash used in investing activities (168,871) (21,220)
Cash flows from financing activities:    
Payments on term loan (17,500) (9,000)
Proceeds from delayed draw term loans 100,000 0
Payments on delayed draw term loans (2,500) (4,688)
Proceeds from line of credit 99,000 47,000
Payments on line of credit (4,000) (47,000)
Payments for repurchase of common stock (61,917) 0
Payments on interest rate caplets (633) 0
Proceeds from exercise of stock options and warrants 407 1,455
Payments on consideration payable (8,892) (1,377)
Tax withholding on share-based payments (67) 0
Net cash provided by (used in) financing activities 103,898 (13,610)
Net increase in cash and cash equivalents 13,277 45,432
Cash and cash equivalents:    
Beginning of period 198,786 134,451
End of period 212,063 179,883
Supplemental disclosures of cash flow information:    
Interest, net 11,964 8,818
Income taxes 7,041 6,307
Supplemental schedules of noncash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued liabilities 8,128 4,202
Deferred premium on interest rate caplets 3,265 0
Fair value of treasury stock issued in business combination 5,584 0
Acquisition of businesses and assets:    
Total identifiable net assets acquired 179,015 3,364
Less cash acquired (33,270) 0
Less consideration payable (2,533) (105)
Less fair value of treasury stock issued (5,584) 0
Cash purchase price $ 137,628 $ 3,259