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, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 94,394 $ 88,234
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,310 22,502
Stock-based compensation expense 7,181 5,947
Provision for expected credit losses 7,693 3,896
Gain on sale of assets, net (368) (4,714)
Provision for deferred income taxes 0 6,929
Changes in operating assets and liabilities:    
Trade accounts receivable (6,400) 1,533
Financing receivables (1,822) (4,421)
Materials and supplies (2,286) (1,043)
Other current assets (8,867) (1,501)
Accounts payable and accrued expenses (9,396) (17,548)
Unearned revenue 13,691 8,656
Other long-term assets and liabilities 6,303 (7,697)
Net cash provided by operating activities 127,433 100,773
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (47,132) (15,480)
Capital expenditures (7,171) (7,636)
Proceeds from sale of assets 712 8,886
Other investing activities, net 1,126 640
Net cash used in investing activities (52,465) (13,590)
FINANCING ACTIVITIES    
Payment of contingent consideration (1,474) (4,098)
Borrowings under revolving commitment 110,000 180,000
Repayments of term loan 0 (55,000)
Repayments of revolving commitment (90,000) (115,000)
Payment of dividends (72,589) (64,053)
Cash paid for common stock purchased (11,340) (11,443)
Other financing activities, net 1,149 (1,488)
Net cash used in financing activities (64,254) (71,082)
Effect of exchange rate changes on cash (1,568) 1,056
Net increase in cash and cash equivalents 9,146 17,157
Cash and cash equivalents at beginning of period 103,825 95,346
Cash and cash equivalents at end of period 112,971 112,503
Supplemental disclosure of cash flow information:    
Cash paid for interest 8,707 429
Cash paid for income taxes, net 5,591 12,572
Non-cash additions to operating lease right-of-use assets $ 45,531 $ 20,828