v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 466,379 $ 434,957 $ 368,599
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 113,220 99,752 91,326
Stock-based compensation expense 29,984 24,605 21,215
Provision for expected credit losses 34,026 26,860 19,441
Gain on sale of assets, net (1,492) (6,635) (8,167)
Gain on sale of businesses, net 0 (15,450) 0
(Benefit) provision for deferred income taxes (10,336) (7,644) 1,595
Changes in operating assets and liabilities:      
Trade accounts receivable (49,351) (45,874) (34,003)
Financed receivables (17,299) (15,794) (23,891)
Materials and supplies (5,874) (4,279) (540)
Other current assets (24,964) (16,126) 5,836
Accounts payable and accrued expenses 47,670 43,407 304
Unearned revenue 7,470 6,777 10,400
Other long-term assets and liabilities 18,220 3,810 13,815
Net cash provided by operating activities 607,653 528,366 465,930
INVESTING ACTIVITIES      
Acquisitions, net of cash acquired (157,471) (366,854) (119,188)
Capital expenditures (27,572) (32,465) (30,628)
Proceeds from sale of assets 4,070 12,489 14,597
Proceeds from sale of businesses 0 15,903 0
Other investing activities, net 4,741 (1,968) 1,078
Net cash (used in) investing activities (176,232) (372,895) (134,141)
FINANCING ACTIVITIES      
Payment of contingent consideration (39,754) (12,489) (17,334)
Borrowings under term loan 0 0 252,000
Borrowings under revolving commitment 476,000 1,070,000 43,000
Repayments of term loan 0 (55,000) (245,000)
Repayments of revolving commitment (572,000) (577,000) (150,000)
Payment of dividends (297,989) (264,348) (211,618)
Cash paid for common stock purchased (11,606) (315,013) (7,065)
Other financing activities, net 4,641 4,430 0
Net cash (used in) financing activities (440,708) (149,420) (336,017)
Effect of exchange rate changes on cash (4,908) 2,428 (5,727)
Net (decrease) increase in cash and cash equivalents (14,195) 8,479 (9,955)
Cash and cash equivalents at beginning of period 103,825 95,346 105,301
Cash and cash equivalents at end of period 89,630 103,825 95,346
Supplemental disclosure of cash flow information:      
Cash paid for interest 32,559 19,239 4,162
Cash paid for income taxes, net 145,638 159,154 119,573
Non-cash additions to operating lease right-of-use assets $ 210,282 $ 146,558 $ 122,149

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