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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 22,002 $ 19,165
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 21,228 18,509
Amortization of intangible assets and route and customer acquisition costs 11,027 10,526
Amortization of debt issuance costs 904 893
(Gain) loss on change in fair value of contingent earnout shares (26) 9,438
Stock-based compensation 5,585 4,255
Loss (gain) on disposal of property and equipment 218 (37)
Net loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable 841 483
Remeasurement of contingent consideration 4,552 196
Payments on consideration payable (1,258) (1,561)
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration 647 771
Deferred income taxes (289) 6,342
Changes in operating assets and liabilities:    
Prepaid expenses, deposits and other current assets (3,659) (405)
Accounts receivable, net (1,682) 1,453
Inventories 148 (366)
Route and customer acquisition costs (6,414) (1,226)
Route and customer acquisition costs payable 2,865 (690)
Accounts payable and accrued expenses 1,337 2,201
Accrued compensation and related expenses (1,453) (2,568)
Other assets 1,041 (3,534)
Net cash provided by operating activities 57,614 63,845
Cash flows from investing activities:    
Purchases of property and equipment (38,147) (41,637)
Proceeds from the sale of property and equipment 330 1,142
Proceeds from the settlement of convertible notes 0 32,065
Deposits against a portion of the purchase price on a pending business acquisition (9,043) (3,700)
Investment in unconsolidated affiliate (5,000) 0
Business and asset acquisitions, net of cash acquired (17,464) (4,115)
Net cash used in investing activities (69,324) (16,245)
Cash flows from financing activities:    
Proceeds from debt 47,500 115,000
Payments on debt (24,750) (139,250)
Payments for repurchase of common stock (15,321) (12,313)
Payments on interest rate caplets (487) (481)
Proceeds from exercise of stock-based awards 68 0
Payments on finance leases (17) 0
Payments on consideration payable (291) (354)
Tax withholding on stock-based payments (1,680) (881)
Net cash provided by (used in) financing activities 5,022 (38,279)
Net (decrease) increase in cash and cash equivalents (6,688) 9,321
Cash and cash equivalents:    
Beginning of period 261,611 224,113
End of period 254,923 233,434
Cash payments for:    
Interest, net 15,918 15,035
Income taxes 11,214 6,200
Supplemental schedules of noncash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued liabilities 10,382 10,346
Deferred premium on interest rate caplets 1,571 2,544
Acquisition of businesses and assets:    
Total identifiable net assets acquired 19,566 4,115
Less consideration payable (2,102) 0
Cash purchase price $ 17,464 $ 4,115