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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 223,791 $ 198,377
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,021 48,941
Stock-based compensation expense 15,560 12,331
Provision for expected credit losses 15,137 9,946
Gain on sale of assets, net (781) (5,734)
Provision for deferred income taxes 0 144
Changes in operating assets and liabilities:    
Trade accounts receivable (39,904) (28,425)
Financing receivables (12,523) (13,000)
Materials and supplies (4,142) (2,233)
Other current assets (30,775) (28,513)
Accounts payable and accrued expenses 15,289 34,055
Unearned revenue 24,304 18,047
Other long-term assets and liabilities 11,571 4,250
Net cash provided by operating activities 272,548 248,186
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (81,654) (327,892)
Capital expenditures (15,867) (14,411)
Proceeds from sale of assets 2,313 10,186
Other investing activities, net 1,587 495
Net cash used in investing activities (93,621) (331,622)
FINANCING ACTIVITIES    
Payment of contingent consideration (30,289) (4,350)
Borrowings under revolving commitment 271,000 585,000
Repayments of term loan 0 (55,000)
Repayments of revolving commitment (260,000) (245,000)
Payment of dividends (145,167) (127,996)
Cash paid for common stock purchased (11,559) (11,808)
Other financing activities, net 2,129 (651)
Net cash (used in) provided by financing activities (173,886) 140,195
Effect of exchange rate changes on cash (2,169) 2,642
Net increase in cash and cash equivalents 2,872 59,401
Cash and cash equivalents at beginning of period 103,825 95,346
Cash and cash equivalents at end of period 106,697 154,747
Supplemental disclosure of cash flow information:    
Cash paid for interest 17,558 4,197
Cash paid for income taxes, net 93,272 84,583
Non-cash additions to operating lease right-of-use assets $ 103,235 $ 55,353