Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
NET INCOME $ 88,234 $ 73,766
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,502 23,127
Stock-based compensation expense 5,947 6,138
Provision for expected credit losses 3,896 4,257
Gain on sale of assets, net (4,714) (1,279)
Provision for deferred income taxes 6,929 2,445
Changes in operating assets and liabilities:    
Trade accounts receivable and other accounts receivable 1,533 (1,440)
Financing receivables (4,421) (707)
Materials and supplies (1,043) 151
Other current assets (1,501) (3,629)
Accounts payable and accrued expenses (17,548) (16,934)
Unearned revenue 8,656 11,294
Other long-term assets and liabilities (7,697) (9,657)
Net cash provided by operating activities 100,773 87,532
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (15,480) (13,223)
Capital expenditures (7,636) (7,995)
Proceeds from sale of assets 8,886 1,290
Other investing activities, net 640 0
Net cash (used in) investing activities (13,590) (19,928)
FINANCING ACTIVITIES    
Payment of contingent consideration (4,098) (3,051)
Borrowings under term loan 0 251,783
Borrowings under revolving commitment 180,000 11,000
Repayments of term loan (55,000) (4,000)
Repayments of revolving commitment (115,000) (118,000)
Payment of dividends (64,053) (49,205)
Cash paid for common stock purchased (11,443) (6,434)
Other financing activities, net (1,488) 0
Net cash (used in) provided by financing activities (71,082) 82,093
Effect of exchange rate changes on cash 1,056 3,340
Net increase in cash and cash equivalents 17,157 153,037
Cash and cash equivalents at beginning of period 95,346 105,301
Cash and cash equivalents at end of period 112,503 258,338
Supplemental disclosure of cash flow information:    
Cash paid for interest 429 753
Cash paid for income taxes, net 12,572 11,962
Non-cash additions to operating lease right-of-use assets $ 20,828 $ 17,937